MIRA INFORM REPORT

Report No. :	489721.2
Report Date :	08.02.2018

IDENTIFICATION DETAILS

Name :	YAMUNA ENTERPRISE
Registered Office :	Office No. 424, 4^th Floor, RS361, TPS-4, Rajhans Height, B/H. MD Tower, Varachha Road, Surat – 395006, Gujarat
Tel. No.:	91-22-33923959
Country :	India
Financials (as on) :	31.03.2017
Date of Establishment:	18.08.2009
Capital Investment / Paid-up Capital :	INR 22.246 Million
CST/ TIN No.:	27170741662
IEC No.:	0309058261
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAAFY8428Q
GSTIN/UIN :	27AAAFY8428Q1ZB 24AAAFY8428Q1ZH
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer, Exporter and Importer of Diamond. (Confirmed by management)
No. of Employees :	19 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a partnership concern established in the year 2009 having satisfactory track record. It is a manufacturer, exporter and importer of diamond. For the financial year 2017, the concern has achieved sales turnover of INR 828.431 and has held a profit margin of 1.20% during the year. Rating takes into consideration, the favourable financial risk profile marked by adequate capital base and strong debt protection metrics. Rating continue to derive strength from its established track record of its business operations backed by its entrepreneurial experience of its partner in diamond industry. However, rating constraints on account of risk associated with the highly competitive nature of diamond business. Trade relations are fair. Business is active. Payments seems to be slow but correct. In view of aforesaid, the concern 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	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 08.02.2018

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. Vijay
Designation :	Accounts Manager
Contact No.:	91-9892232024
Date :	01.02.2018

LOCATIONS

Registered Office/ Factory :	Office No. 424, 4^th Floor, RS361, TPS-4, Rajhans Height, B/H. MD Tower, Varachha Road, Surat – 395006, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9892232024 (Mr. Vijay) 91-9004250090 (Mr. Manoj)
Fax No.:	Not Available
E-Mail :	yamuna232@yahoo.com
Location :	Owned
Locality :	Commercial
Branch Office 1 :	232, Amrut Diamond House, Tata Road No.2, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-33923957/59
Location :	Owned
Branch Office 2 :	Office No.W-2110, G-Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

PARTNERS

Name :	Mr. Ratilal Parbatbhai Sudani
Designation :	Partner
Address :	Room No.17, 3rd Floor, Talamakiwadi, Javadi Marg, Tardeo, Mumbai – 400007, Maharashtra, India
Name :	Mr. Ashwinbhai Parbatbhai Sudani
Designation :	Partner
Address :	23, Ganga Jamna Society, Nana Carachha, Surat – 395006, Gujarat, India
Name :	Mr. Mansukhbhai Kalabhai Vekariya
Designation :	Partner
Address :	130, Ram Nagar, Near Vishnu Nagar, Varachha, Surat – 395008, Gujarat, India

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Diamond. (Confirmed by management)
Products :	Diamond
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Diamond
Countries :	· Dubai · Hong Kong · United State of America · Singapore
Imports :
Products :	Rough Diamond
Countries :	Belgium
Terms :
Selling :	Credit (120 Days)
Purchasing :	Credit (120 Days)

GENERAL INFORMATION

Suppliers :

• Bright Diam BVBA
• Dhaval Gems BVBA
• Divya Gems
• Om Corporation BVBA
• Venu Diamond
• Yael Star
• Meet Gems
• Sky Gem
• Mantung Impex
• Ashirwad Gems

Customers :

Retailers and End Users

• A.J.M and Company
• J. Mehta and Company LLP
• AJS Exports
• Hemal K. Mehta and Company
• PC Jeweller Limited
• K.K. Exports
• Veer Impex
• Paras Exports
• Diamond Creek
• Mohit Diamonds Private Limited

No. of Employees :

19 (Approximately)

Bankers :

Bank Name	Oriental Bank of Commerce
Branch	Shreeji Chambers, Tata Road-2, Opera House, Mumbai, Maharashtra, India
Person Name (With Designation)	--
Contact Number	91-22-43471568 (Continuously ringing)
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)	--

Bank Name	Axis Bank Limited
Branch	Fortune 2000, Ground Floor, BKC, Mumbai, Maharashtra, India
Person Name (With Designation)	--
Contact Number	91-22-61483126 (Continuously ringing)
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 :	B. Vora and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India
M.No.:	143847
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2017

PARTNER’S FIXED CAPITAL ACCOUNT

PARTICULARS	Amount In Million
Mansukhbhai Kalabhai Vekariya	0.015
Ashwinbhai Parbatbhai Sudani	0.020
Ratilal Parbatbhai Sudani	0.015
Total	0.050

PARTNER’S CURRENT CAPITAL ACCOUNT

PARTICULARS	Amount In Million
Mansukhbhai Kalabhai Vekariya	8.213
Ashwinbhai Parbatbhai Sudani	6.321
Ratilal Parbatbhai Sudani	7.662
Total	22.196

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017
SHAREHOLDERS FUNDS
1] Partner’s Capital
-Fixed Capital		0.050
-Current Capital		22.196
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		22.246
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		5.010
TOTAL BORROWING		5.010
DEFERRED TAX LIABILITIES		0.000
TOTAL		27.256
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.683
Capital work-in-progress		0.000
INVESTMENT		4.290
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	147.927
	Sundry Debtors	221.902
	Cash and Bank Balances	6.510
	Other Current Assets	0.000
	Loans, Advances and deposits	0.485
Total Current Assets		376.824
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	355.541
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		355.541
Net Current Assets		21.283
MISCELLANEOUS EXPENSES		0.000
TOTAL		27.256

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017
	SALES
	Income	828.431
	Other Income	9.851
	TOTAL	838.282 (Due to business growth)
Less	EXPENSES
	Cost of Materials Consumed	790.483
	Purchases of Stock-in-Trade	0.000
	Labour Charges	7.175
	Angadia Expenses	0.026
	Audit and Professional Fees	0.100
	Bank Commission	0.407
	Commission and Brokerage	0.225
	Conveyance	0.023
	Electric expenses	0.347
	Exhibition Stall Rent	1.849
	Export and Import Expenses	1.502
	Grading and Handling Charges	9.077
	Motor Car Expenses	0.022
	Motor Car Insurance	0.028
	Office Expenses	0.031
	Office Maintenance	0.096
	Office Rent	1.871
	Resident Flat Rent	0.360
	Salary	6.666
	Subscription Fees	0.017
	Professional Tax	0.020
	Profession Tax	0.040
	TDS	0.007
	Telephone Expenses	0.048
	Travelling Expenses	1.354
	Remuneration to partners	5.500
	TOTAL	827.274
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	11.008
Less	FINANCIAL EXPENSES	0.857
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	10.151
Less/ Add	DEPRECIATION/ AMORTISATION	0.192
	NET PROFIT FOR THE YEAR	9.959

Particulars	31.03.2016
Sales Turnover (Approximately)	534.700
	(Due to business growth)

Expected Sales ( 2017 - 2018 ) : INR 900.000 Million

The above information has been parted by Mr. Vijay (Accounts Manager)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017
Average Collection Days (Sundry Debtors / Income * 365 Days)	97.77
Account Receivables Turnover ( Income / Sundry Debtors)	3.73
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	164.17
Inventory Turnover (Operating Income / Inventories)	0.07
Asset Turnover (Operating Income / Net Fixed Assets)	6.54

LEVERAGE RATIOS

PARTICULARS	31.03.2017
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.94
Debt Equity Ratio (Total Liability / Networth)	0.23
Current Liabilities to Networth (Current Liabilities / Net Worth)	16.21
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.08
Interest Coverage Ratio (PBIT / Financial Charges)	12.84

PROFITABILITY RATIOS

PARTICULARS		31.03.2017
Net Profit Margin [(PAT / Sales) * 100]	%	1.20
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.60
Return on Investment (ROI) ((PAT / Networth) * 100)	%	44.77

SOLVENCY RATIOS

PARTICULARS	31.03.2017
Current Ratio (Current Assets / Current Liabilities)	1.05
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.63
G-Score Ratio Financial (Networth / Total Assets)	0.06
G-Score Ratio Debt (Debts / Equity Capital)	0.23
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.05

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015
SHAREHOLDERS FUNDS
1] Partner’s Capital		10.211
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		10.211
LOAN FUNDS
1] Secured Loans		0.410
2] Unsecured Loans		0.000
TOTAL BORROWING		0.410
DEFERRED TAX LIABILITIES		0.000
TOTAL		10.621
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.806
Capital work-in-progress		0.000
INVESTMENT		0.360
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.933
	Sundry Debtors	121.637
	Cash and Bank Balances	4.433
	Other Current Assets	0.000
	Loans, Advances and deposits	1.097
Total Current Assets		244.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	234.645
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		234.645
Net Current Assets		9.455
MISCELLANEOUS EXPENSES		0.000
TOTAL		10.621

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015
	SALES
	Income	406.173
	Other Income	4.483
	TOTAL	410.656
Less	EXPENSES
	Cost of Materials Consumed	382.135
	Labour Charges	2.655
	Angadia Expenses	0.021
	Audit Fees	0.060
	Bank Commission	0.318
	Conveyance	0.015
	Diamond Grading Charges	9.425
	Electrical expenses	0.115
	Export Expenses	0.342
	Import Expenses	0.372
	Interest on TDS	0.026
	Late Fees on VAT	0.005
	Motor Car Expenses	0.015
	Motor Car Insurance	0.025
	Office Expenses	0.030
	Office Maintenance	0.015
	Office Rent	0.909
	Salary	2.831
	Subscription Fees	0.009
	TDS Written Off	0.001
	Profession Tax	0.023
	Telephone Expenses	0.018
	Travelling Expenses	1.131
	Remuneration to partners	5.500
	TOTAL	405.996
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4.660
Less	FINANCIAL EXPENSES	0.060
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4.600
Less/ Add	DEPRECIATION/ AMORTISATION	0.142
	NET PROFIT FOR THE YEAR	4.458

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	109.31
Account Receivables Turnover ( Income / Sundry Debtors)	3.34
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	224.12
Inventory Turnover (Operating Income / Inventories)	0.04
Asset Turnover (Operating Income / Net Fixed Assets)	5.78

LEVERAGE RATIOS

PARTICULARS	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.96
Debt Equity Ratio (Total Liability / Networth)	0.04
Current Liabilities to Networth (Current Liabilities / Net Worth)	22.98
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.08
Interest Coverage Ratio (PBIT / Financial Charges)	77.67

PROFITABILITY RATIOS

PARTICULARS		31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	1.10
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.82
Return on Investment (ROI) ((PAT / Networth) * 100)	%	43.66

SOLVENCY RATIOS

PARTICULARS	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.04
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.54
G-Score Ratio Financial (Networth / Total Assets)	0.04
G-Score Ratio Debt (Debts / Equity Capital)	0.04
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.04

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

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	406.173	534.700 (Approximately)	828.431
		31.643	54.934

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	No
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for two years	Yes
30	Major shareholders, if available	No
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

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)
Ajay Dheerubhai Sudani	0.300
Parbhat Bhai M Sudani	1.420
Parbhat Bhai M Sudani HUF	0.970
Ratilal P Sudani HUF	1.870
Savitaben P Sudani	0.250
Vabavi V Sudani	0.100
Vishal D Sudani	0.100
Total	5.010

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 64.13
UK Pound	1	INR 89.49
Euro	1	INR 79.43

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	NRG
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	YES
--AFFILIATION	YES/NO	NO
--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.