MIRA INFORM REPORT

Report No. :	489254
Report Date :	03.02.2018

IDENTIFICATION DETAILS

Name :	ISAGRO (ASIA) AGROCHEMICALS PRIVATE LIMITED
Registered Office :	Kalpataru Square, Unit No.32, 3^rd Floor, Kondivita Lane, R K Mandir Road, Off Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-22-49115656
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	21.08.2001
Com. Reg. No.:	11-133128
Capital Investment / Paid-up Capital :	INR 148.629 Million
CIN No.: [Company Identification No.]	U24299MH2001PTC133128
IEC No.:	Not Divulged
GSTIN No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI8431L
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of manufacturing and trading of agro chemicals, technical grade pesticides and formulations. [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

Maximum Credit Limit :	USD 7347000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Isagro S.P.A., Italy” and was incorporated in the year 2001. For the financial year 2017, the company has reported dip in its revenue by 12.85% as compared to the previous year but has managed to maintain an average profit margin of 1.15%. The sound financial risk profile of the company is marked by adequate net worth base along with debt free balance sheet profile. Rating takes into consideration the subject’s healthy Earnings Per Share of INR 21.74 against the Face Value of INR 10. These rating strengths are partially offset by Isagro Asia's large working capital requirements and its exposure to risks related to adverse regulatory changes and cyclicality in the agrochemicals industry. Payments seems to be regular. 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 (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Borrowing – A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	30.12.2017

Rating Agency Name	CRISIL
Rating	Short Term Borrowing – A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	30.12.2017

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 03.02.2018.

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

MANAGEMENT NON-COOPERATIVE (Tel No.: 91-22-49115656)

LOCATIONS

Registered Office :	Kalpataru Square, Unit No.32, 3^rd Floor, Kondivita Lane R K Mandir Road, Off Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-49115656
Fax No.:	Not Available
E-Mail :	akj@isagroasia.com
Website :	http://www.isagro.com

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Kalambur Narasimhan Chandrasekaran

Designation :

Managing Director

Address :

203, Anant Ashram, Plot No.1326/1327, Near Chembur Post Office, 9^th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Appointment :

13.07.2017

DIN No.:

07786955

Name :

Mr. Francesco Sasso

Designation :

Director

Address :

Via Delle Forze, Armate N.246, Milano Na It

Date of Birth/Age :

03.04.1976

Qualification:

Master Degree In Business Administration

Date of Appointment :

14.12.2016

DIN No.:

07712968

Name :

Mr. Devender Kumar Vasal

Designation :

Director

Address :

611-612, C- Wing, Aster Building, Dosti Acres, Wadala (East), Mumbai – 400037, Maharashtra, India

Date of Birth/Age :

12.05.1952

Qualification:

B. Com (Hons.), LLB, DLL, CAIIB

Date of Appointment :

22.09.2017

DIN No.:

06858991

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L99999MH1994PLC082802	BALAJI TELEFILMS LIMITED	30/08/2014	-
U22300MH2007PLC168515	BALAJI MOTION PICTURES LIMITED	30/08/2014	-
U74999TN2010PLC075713	EQUITAS HOUSING FINANCE LIMITED	29/06/2015	-
U74120MH2011PTC220971	MARINATING FILMS PRIVATE LIMITED	31/08/2015	-
U74999MH2015PLC266206	ALT DIGITAL MEDIA ENTERTAINMENT LIMITED	31/08/2016	-

Name :

Mr. Ruggero Gambini

Designation :

Director

Address :

Viale Lunigiana 12 Milano 20125 It

Date of Birth/Age :

08.03.1974

Qualification:

Graduate In Economics

Date of Appointment :

09.02.2012

DIN No.:

05234609

Name :

Mr. Giorgio Basile

Designation :

Director

Address :

Via Domenico Cimarosa N 26 20100 Milano Milano 20100 It

Date of Birth/Age :

26.01.1942

Qualification:

Degree In Economics

Date of Appointment :

25.09.2001

DIN No.:

00843458

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	%
Isagro SpA, Italy	14861903	99.99
Maurizio Basile	1000	0.01
Total	14862903	100.00

AS ON 22.09.2017

Equity Share Break up	Percentage
Category
Promoters – [Bodies corporate]	99.99
Public/Other than promoters - [Individual/Hindu Undivided Family – Foreign national (other than NRI)]	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of manufacturing and trading of agro chemicals, technical grade pesticides and formulations. [Registered Activity]

Products / Services :

ITC Code	Product/ Services Description
38081011	Fenvalerate

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	Not Divulged
Branch	--
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
Working capital loans from banks	0.000	99.390
Total	0.000	99.390

Auditors :
Name :	Deloitee Haskins and Sells Chartered Accountants
Address :	Heritage 3rd Floor, Near Gujarat vidhatpith, Off Ashram Road, Ahmedabad -380014, Gujarat, India
PAN No.:	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Isagro S.p.A Italy
Fellow Subsidiary Company:	Isagro (Shanghai) Agrochemicals Technical services Co. Limited, Italy

CAPITAL STRUCTURE

AS ON 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
16500000	Equity Shares	INR 10/- each	INR 165.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14862903	Equity Shares	INR 10/- each	INR 148.629 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	148.629	148.629	160.029
(b) Reserves and Surplus	2422.678	2099.519	2018.115
(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)	2571.307	2248.148	2178.144
(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	132.037	104.574	94.971
Total Non-current Liabilities (3)	132.037	104.574	94.971
(4) Current Liabilities
(a) Short-term borrowings	0.000	99.390	93.758
(b) Trade payables	680.237	637.136	860.637
(c) Other current liabilities	128.562	105.636	108.337
(d) Short-term provisions	13.120	194.738	68.090
Total Current Liabilities (4)	821.919	1036.900	1130.822
TOTAL	3525.263	3389.622	3403.937
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	375.025	389.584	394.448
(ii) Intangible Assets	0.000	0.010	0.068
(iii) Tangible assets capital work-in-progress	0.000	0.329	6.261
(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)	55.556	14.945	1.156
(d) Long-term loans and advances	108.380	103.127	102.027
(e) Other Non-current assets	0.172	2.160	3.130
Total Non-Current Assets	539.133	510.155	507.090
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	919.657	646.112	767.137
(c) Trade receivables	1244.177	1249.278	1052.593
(d) Cash and bank balances	744.316	878.944	936.545
(e) Short-term loans and advances	63.520	69.400	100.641
(f) Other current assets	14.460	35.733	39.931
Total Current Assets	2986.130	2879.467	2896.847
TOTAL	3525.263	3389.622	3403.937

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2795.888	3208.300	3042.771
	Other Income	69.721	93.653	96.383
	TOTAL	2865.609	3301.953	3139.154
Less	EXPENSES
	Cost of Materials Consumed	1139.358	1384.900	1418.041
	Purchases of Stock-in-Trade	277.121	229.677	309.627
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(127.331)	(10.660)	(123.308)
	Employee benefit expense	321.891	229.107	203.232
	CSR expenditure	0.465	0.000	0.000
	Other expenses	727.683	806.472	786.907
	TOTAL	2339.187	2639.496	2594.499
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	526.422	662.457	544.655
Less	FINANCIAL EXPENSES	8.305	23.416	15.874
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	518.117	639.041	528.781
Less	DEPRECIATION/ AMORTISATION	27.369	25.451	47.914
	PROFIT/ (LOSS) BEFORE TAX	490.748	613.590	480.867
Less	TAX	167.589	215.361	153.895
	PROFIT/ (LOSS) AFTER TAX	323.159	398.229	326.972
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	678.787	1228.305	1300.845
	TOTAL EARNINGS	678.787	1228.305	1300.845
	IMPORTS
	Raw Materials	377.842	392.006	500.115
	Capital Goods	0.274	0.000	0.955
	TOTAL IMPORTS	378.116	392.006	501.070
	Earnings / (Loss) Per Share (INR)
	Basic	21.74	26.62	20.43
	Diluted	21.74	26.62	20.43

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	0.000	0.000
Net cash flows from (used in) operations	320.863	377.659	671.666
Net cash flows from (used in) operating activities	21.319	226.239	507.305

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	162.43	142.13	126.27
Account Receivables Turnover [Income / Sunday Debtors]	2.25	2.57	2.89
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	175.28	144.03	181.82
Inventory Turnover (Operating Income / Inventories)	0.57	1.03	0.71
Asset Turnover (Operating Income / Net Fixed Assets)	1.40	1.70	1.36

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.23	0.31	0.33
Debt Equity Ratio (Total Liability / Networth)	0.00	0.04	0.04
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.32	0.46	0.52
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.15	0.17	0.18
Interest Coverage Ratio (PBIT / Financial Charges)	63.39	28.29	34.31

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	11.56	12.41	10.75
Return on Total Assets ((PAT / Total Assets) * 100)	%	9.17	11.75	9.61
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.57	17.71	15.01

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.63	2.78	2.56
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.51	2.15	1.88
G-Score Ratio Financial (Networth / Total Assets)	0.73	0.66	0.64
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.67	0.59
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.63	2.78	2.56

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	160.029	148.629	148.629
Reserves & Surplus	2018.115	2099.519	2422.678
Net worth	2178.144	2248.148	2571.307
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	93.758	99.390	0.000
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	93.758	99.390	0.000
Debt/Equity ratio	0.043	0.044	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	3042.771	3208.300	2795.888
		5.440	(12.855)

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	3042.771	3208.300	2795.888
Profit/ (Loss)	326.972	398.229	323.159
	10.75 %	12.41 %	11.56 %

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	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is a private company domiciled in India and incorporated under the provisions of the Companies Act, 2013. The company is subsidiary of Isagro S.p.A. The Company is engaged in the business of manufacturing and trading of agro chemicals, technical grade pesticides and formulations. The Company has presence in both domestic and international markets.

PERFORMANCE OUTLINE

The financial year 2016-17 started on a positive note, with predictions of a good monsoon. Subsequently we faced unfavourable agro climatic conditions and saw farmer sentiments affected due to impacted crop yield coupled with lower prices of key crops. Due to adverse conditions, the Company achieved lower consolidated net sales INR 2795.890 Million (INR 3208.300 Million) for F.Y.-2016-17 (F.Y.-2015-16).

The Company’s deep understanding of Indian agriculture, sustained relationships with key stakeholders, quality agrochemicals, branding and marketing expertise and capability to supply quality crop protection chemicals has been crucial in upholding its business performance.

The gross turnover of the Company is INR 2998.760 Million as compared to the gross turnover of INR 3394.720 Million in the previous year. There was a decrease of overall turnover by 11.66%. The International Marketing Division recorded a turnover of INR 428.500 Million as compared to INR 479.460 Million in the previous year, whereas Domestic Marketing Division recorded a gross turnover of INR 2311.130 Million as compared to INR 2161.680 Million in the previous year registering a growth of 6.91%. In addition, INR 259.120 Million exports were made through manufacturing of Isagro group's proprietary molecules from the production site of Panoli, Gujarat.

The Company earned a profit after tax of INR 323.160 Million for the financial year ended 31st March, 2017 as compared to INR 398.230 Million in the previous year.

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G08656571	100042186	HDFC BANK LIMITED	07/07/2016	-	-	50000000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA
2	B57629131	10193060	HDFC BANK LIMITED	03/12/2009	16/08/2012	-	225000000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA
3	B65193781	80045117	AXIS BANK LIMITED	30/09/2003	20/12/2012	-	200000000.0	CORPORATE BANKING BRANCH, AXIS HOUSEGR. FLOOR, WADIA INTERNATIONAL CENTER, WORLI, MUMBAI – 400025, MAHARASHTRA, INDIA
4	A73234007	80045116	CORPORATION BANK	15/09/2003	28/10/2009	-	110000000.0	INDUSTRIAL FINANCE BRANCH,104, BHARAT HOUSE, MUMBAI – 400023, MAHARASHTRA, INDIA
5	A70156195	90355099	ABN AMRO BANK N.V.	25/04/2005	-	23/09/2009	6000000.0	NARIMAN BHAVAN, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA
6	A60448925	80045115	SOCIETE GNERALE	14/10/2002	27/02/2004	02/04/2009	100000000.0	MAKER CHAMBER IV, NARIMAN POINT, MUMBAI – 400021, MAHARASHTRA, INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	164.770	151.111

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Factory equipments

· Furniture and Fixture

· Computer Equipment

· Vehicles

· Office Equipment

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 64.08
UK Pound	1	INR 80.03
Euro	1	INR 91.34

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	PRI
Report Prepared by :	GEET

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)

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