MIRA INFORM REPORT

Report No. :	489508
Report Date :	07.02.2018

IDENTIFICATION DETAILS

Name :	RAJSHREE SYNTEX (EXPORTS) PRIVATE LIMITED
Registered Office :	66/72, Manohar Building, Room No. 14, 1st Floor, Dadiseth Agiary Lane, Mumbai-400002, Maharashtra
Tel. No.:	91-22-66373814
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.07.1999
Com. Reg. No.:	11-120829
Capital Investment / Paid-up Capital :	INR 10.000 Million
CIN No.: [Company Identification No.]	U17110MH1999PTC120829
IEC No.:	Not Applicable (As informed by the management that firm does not have export and import)
GST No.:	27AABCR4527M1Z3
TIN No.:	27600358712
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR4527M
Legal Form :	Private Limited Liability Company
Line of Business :	· Manufacturing of Shirting Fabrics. [Confirmed by Management] · Manufacturing and Trading of Textile Goods mainly in shirting. [Registered Activity]
No. of Employees :	25 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 1999. The company is engaged in the business of manufacturing and trading of textile goods mainly in shirting. As per the financial records of 2017, the company has achieved a favourable growth of 33.30% in its revenue as compared to the previous year and has reported a low profitability margin of 0.40%. The moderate financial position of the company is reflected by high debt balance sheet profile, average liquidity position and low reserve base. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings with some caution.

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

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 07.02.2018.

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 PARTED BY

Name :	Mr. Vimal Bhanwarlal Purohit
Designation :	Director
Contact No.:	91-22-66373814
Date :	02.02.2018

LOCATIONS

Registered Office :	66/72, Manohar Building, Room No. 14, 1st Floor, Dadiseth Agiary Lane, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-66373814
Mobile No.:	91-9004259633 [Mr. Bhanwarlal]
Fax No.:	Not Available
E-Mail :	rajshreesyntex@gmail.com
Location :	Owned
Locality :	Commercial
Factory :	Located at: · Bhiwandi, Thane, Maharashtra, India

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Bhanwarlal Achalingji Purohit
Designation :	Director
Address :	Millenium Park, Bldg. No. 2, Flat No. 602, Hariom Nagar, Next To High, Mulund East, Mumbai-400081, Maharashtra, India
Date of Appointment :	15.07.1999
DIN No.:	00805244
Name :	Mr. Vimal Bhanwarlal Purohit
Designation :	Director
Address :	Room No. 602, Caslerock Tower Near Nalanda Public School, Hariom Nagar, Mumbai-400081, Maharashtra, India
Date of Appointment :	19.09.2014
DIN No.:	06924385

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 29.09.2017

Names of Shareholders	No. of Shares
Purohit Achalingji Bhanwarlal	313020
Bhanwarlal A. Purohit H.U.F.	71500
Purohit Bhanwarlal Indradevi	107500
Purohit Achalingji Tulsiben	11490
Purohit B. Achalingji	41490
Purohit A. Ravindra	20500
Purohit K. Satyapal	12500
Pravinkumar A. Purohit	5000
Choudhary S. Bhanaram	18000
Purohit A. Kesharingji	12500
Purohit D. Ashokkumar	17000
Purohit Bhagwanji Ashokkumar	5000
Purohit Bhanwarlal Dimple	104500
Purohit Bhanwarlal Gopal	98000
Purohit Bhanwarlal Varsha	59500
Purohit Bhanwarlal Vimal	102500
Total	1000000

AS ON: 29.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Manufacturing of Shirting Fabrics. [Confirmed by Management]

· Manufacturing and Trading of Textile Goods mainly in shirting. [Registered Activity]

Products/ Services :

ITC Code No.	Product Descriptions
54076110	Polyester Shirtings

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Available

Countries :

Not Available

Imports :

Products :

Not Available

Countries :

Not Available

Terms :

Selling :

Cheque

Purchasing :

Cheque

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

End Users

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

25 (Approximately)

Bankers :

Bank Name:	The Bharat Co-Operative Bank Limited
Branch:	Panama Planet, Mumbai, Maharashtra, India
Person Name (with Designation):	--
Contact Number:	91-22-25376552
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	Number is ringing

· Bank of Baroda

Mangaldas Market Branch, Kitchen Garden Lane, 1st Floor, 375/382, Mangaldas Market,, Mumbai - 400002, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Term Loan
Loan from The Bharat Co. op. Bank (Mumbai) Ltd. (Secured against Mortgage of Gala in the name of all the directors, hypotheication of Machineries and other aseets. The loan is also personally guaranteed by all directors.)	1.123	1.797
Loan from The Bharat Co. op. Bank (Mumbai) Ltd. (Secured against Mortgage of Gala in the name of all the directors, hypotheication of Machineries and other aseets. The loan is also personally guaranteed by all directors.)	9.001	10.000
SHORT TERM BORROWINGS
Cash Credit from Bank	56.578	49.049
Total	66.702	60.846

Auditors :
Name :	N.G. Galgali Chartered Accountant
Address :	Office No.7, Shivani Apartment, Tilak Road, Near Oriental Bank of Commerce, Dombivali (East), Thane-421202, Maharashtra, India
PAN No.:	AEHPG9309K
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	· Rajshree Silk Mills · Rajkiran Fabrics Private Limited

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	8.468	7.471	7.238
(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)	18.468	17.471	17.238
(3) Non-Current Liabilities
(a) Long-term borrowings	22.684	23.002	16.666
(b) Deferred tax liabilities (Net)	1.762	1.644	1.068
(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)	24.446	24.646	17.734
(4) Current Liabilities
(a) Short term borrowings	56.578	49.049	43.455
(b) Trade payables	49.150	44.477	53.920
(c) Other current liabilities	1.171	0.747	0.968
(d) Short-term provisions	0.584	0.359	1.061
Total Current Liabilities (4)	107.483	94.632	99.404
TOTAL	150.397	136.749	134.376
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.580	20.397	11.015
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.920	0.920
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.007	0.007	0.007
(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	0.000	0.000	0.000
Total Non-Current Assets	19.587	21.324	11.942
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.010	19.494	48.487
(c) Trade receivables	81.299	94.938	71.508
(d) Cash and cash equivalents	0.125	0.082	0.708
(e) Short-term loans and advances	1.318	0.800	1.731
(f) Other current assets	0.058	0.111	0.000
Total Current Assets	130.810	115.425	122.434
TOTAL	150.397	136.749	134.376

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	250.666	188.049	129.583
		Other Income	0.207	0.000	0.551
		TOTAL	250.873	188.049	130.134
Less	EXPENSES
		Cost of Materials Consumed	245.095	142.048	124.421
		Purchases of Stock-in-Trade	1.578	0.393	0.246
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.528)	26.309	(12.352)
		Employees benefits expense	3.505	3.281	3.078
		Other expenses	3.629	3.353	4.561
		TOTAL	237.279	175.384	119.954
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13.594	12.665	10.180
Less	FINANCIAL EXPENSES		10.248	8.693	8.573
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.346	3.972	1.607
Less/ Add	DEPRECIATION/ AMORTISATION		1.922	2.948	0.824
	PROFIT/ (LOSS) BEFORE TAX		1.424	1.024	0.783
Less	TAX		0.427	0.790	0.238
	PROFIT/ (LOSS) AFTER TAX		0.997	0.234	0.545
	Earnings/ (Loss) Per Share (INR)		1.00	0.23	0.55

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	3.945	8.454	14.669
Net Cash From Operating Activites	3.635	8.316	14.591

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	118.38	184.27	201.42
Account Receivables Turnover (Income / Sundry Debtors)	3.08	1.98	1.81
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	72.73	113.97	157.87
Inventory Turnover (Operating Income / Inventories)	0.28	0.65	0.21
Asset Turnover (Operating Income / Net Fixed Assets)	0.69	0.59	0.85

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.87	0.86	0.86
Debt Equity Ratio (Total Liability / Networth)	4.29	4.12	3.49
Current Liabilities to Networth (Current Liabilities / Net Worth)	5.82	5.42	5.77
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.06	1.22	0.69
Interest Coverage Ratio (PBIT / Financial Charges)	1.33	1.46	1.19

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.40	0.12	0.42
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.66	0.17	0.41
Return on Investment (ROI) ((PAT / Networth) * 100)	%	5.40	1.34	3.16

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.22	1.22	1.23
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.77	1.01	0.74
G-Score Ratio Financial (Networth / Total Assets)	0.12	0.13	0.13
G-Score Ratio Debt (Debts / Equity Capital)	7.93	7.21	6.01
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.22	1.22	1.23

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	10.000	10.000	10.000
Reserves & Surplus	7.238	7.471	8.468
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	17.238	17.471	18.468
long-term borrowings	16.666	23.002	22.684
Short term borrowings	43.455	49.049	56.578
Total borrowings	60.121	72.051	79.262
Debt/Equity ratio	3.488	4.124	4.292

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	129.583	188.049	250.666
		45.119	33.298

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	129.583	188.049	250.666
Profit	0.545	0.234	0.997
	0.42%	0.12%	0.40%

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	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C65542805	10593812	The Bharat Co-operative Bank(Mumbai) LTD	03/09/2015	-	-	10000000.0	Thane West Branch: Panama Planet, Gokhale Road,Naupada, Thane WestThaneMH400602IN
2	B77424034	10431865	The Bharat Co-operative Bank(Mumbai) LTD	22/05/2013	-	-	3650000.0	Thane West Branch,Panama Planet,Gokhale Road, NaupadaTHANEMH400602IN
3	G53119418	10431862	The Bharat Co-operative Bank (Mumbai) Ltd.	22/05/2013	19/08/2017	-	75000000.0	Thane Branch, Panama Planet, Opp. Hotel AmrutaGokhale Road, Naupada, Thane (West)ThaneMH400602IN
4	G07767585	10453135	The Bharat Co-operative Bank(Mumbai) LTD	17/05/2013	24/06/2016	-	66632000.0	Thane West Branch, Panama Planet, Ghokale Road,Naupada, Thane WestThaneMH400602IN
5	B79426375	90152194	BANK OF BARODA	21/01/2004	19/12/2006	01/07/2013	9500000.0	MANGALDAS MARKET BRANCH, KITCHEN GARDEN LANE,1ST FLOOR, 375/382, MANGALDAS MARKET,MUMBAIMH400002IN
6	B79423885	10106076	BANK OF BARODA	30/05/2008	-	01/07/2013	2500000.0	MANGALDAS MARKET BRANCH, KITCHEN GARDEN LANE,1ST FLOOR, 375/382, MANGALDAS MARKET,MUMBAIMH400002IN
7	B80334188	10240208	Bank of Baroda	14/09/2009	22/08/2011	01/07/2013	53300000.0	Mangaldas Market Branch, Kitchen Garden Lane,1st Floor, 375/382, Mangaldas Market,MumbaiMH400002IN
8	B79424446	90152106	BANK OF BARODA	26/11/2001	-	01/07/2013	573000.0	MANGALADAS MARKET BRANCHMUMBAIMH400002IN
9	B79426763	10308002	Bank of Baroda	22/08/2011	-	01/07/2013	53300000.0	Mangaldas Market Branch, Kitchen Garden Lane,1st Floor, 375/382, Mangaldas Market,MumbaiMH400002IN
10	B79425690	10070733	BANK OF BARODA	10/09/2007	-	01/07/2013	2500000.0	MANGALDAS MARKET BRANCH, KITCHEN GARDEN LANE,1ST FLOOR, 375/382, MANGALDAS MARKET,MUMBAIMH400002IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Term Loan
Bajaj Finserve	2.518	0.000
Other Loans and Advances From: Related Parties:
Directors & Shareholders	8.991	10.154
Others	1.051	1.051
Total	12.560	11.205

CORPORATE INFORMATION :

The Company was incorporated in India on August 24, 2007 under the name of Rajshree Syntex (Exports) Private Limited and is engaged in the business of manufacturing and trading of Textile Goods mainly in shirting.

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:

There was a substantial jump of about 33% in the turnover of the Company. The Company has made total turnover by way of sales of INR 250.666 Million during the year as compared to INR 188.049 Million that of the last year for the same period. With the rise in the sales turnover, the Company has made a total profit of INR 1.424 Million (before tax). The Directors expect better sales in the year 2017-18.

FIXED ASSETS:

Tangible Assets

· Plant and Machinery

· Computer

· Motor Vehicles

· Office Equipment

· Electrical Fittings

· Gala

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 64.27
UK Pound	1	INR 89.72
Euro	1	INR 79.52

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	NIY
Report Prepared by :	IND

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.