MIRA INFORM REPORT

Report No. :	490925
Report Date :	21.02.2018

IDENTIFICATION DETAILS

Name :	SARAJU AGRIWAYS EXPORTS PRIVATE LIMITED
Registered Office :	56/2D, HO CHI Minh Sarani, Ground Floor, Kolkata-700008, West Bengal, India
Tel. No.:	91-33-24070121
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	07.06.1999
Com. Reg. No.:	21-089558
Capital Investment / Paid-up Capital :	INR 14.200 Million
CIN No.: [Company Identification No.]	U51109WB1999PTC089558
IEC No.:	0204001803
TIN No.:	19633648072
CST No.:	19633648266
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCS4360M
GSTN : [Goods & Service Tax Registration No.]	19AAFCS4360M1ZW
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pens such as ball pens, Colour Pencils, Spiral Ball Pen etc. (Registered Activity and also Confirmed by management)
No. of Employees :	150 (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

Maximum Credit Limit :	USD 75400
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1999. It is a manufacturer, exporter and importer of pens such as ball pens, colour pencils, etc. For the financial year 2017, the company has reported dip in its revenue by 13.69% as compared to the previous year but has managed to maintain an average profit margin of 1.37%. The moderate financial risk profile of the company is marked by low reserve base as compared to its capital along with an average debt balance sheet profile. Payments seems to be slow but correct. 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 (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

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

EXTERNAL AGENCY RATING

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 21.02.2018

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. Purnendu Kanji
Designation :	Managing Director
Contact No.:	91-9830574488
Date :	18.02.2018

LOCATIONS

Registered Office / Factory Office :	56/2D, HO CHI Minh Sarani, Ground Floor, Kolkata-700008, West Bengal, India
Tel. No. :	91-33-24070121
Mobile No. :	91-9830574488 (Mr. Purnendu Kanji)
Fax No. :	91-33-24070121
E-Mail :	kanji@saraju.co.in vkroffice@gmail.com
Website :	http://www.spsoverseas.com
Location:	Owned
Locality:	Commercial
Factory:	Punya, P O – Saharahat, P S Falta, District 24 Parganas, West Bengal, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Krishnendu Kanji

Designation :

Whole-Time Director

Address :

31/B, Basudevpur Road, Bokultala, Kolkata-700061, West Bengal, India

Date of Birth/Age :

01.04.1966

Date of Appointment :

01.01.2013

DIN No. :

01322983

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109WB1993PTC061160	S.P.S. OVERSEAS PRIVATE LIMITED	01/01/2013	-

Name :

Mr. Purnendu Kanji

Designation :

Managing Director

Address :

14, HO Chi Minh Sarani, BL-AV, Flat No.201, Kolkata-700034, West Bengal, India

Date of Birth/Age :

29.08.1957

Date of Appointment :

01.01.2013

DIN No. :

01430111

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109WB1993PTC061160	S.P.S. OVERSEAS PRIVATE LIMITED	01/01/2013	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares	%age
Purnendu Kanji	1137900	80.13
SPS Overseas Private Limited, India	280000	19.72
Krisndendu Kanji	2000	0.14
Biswarup Haldar	100	0.01
Total	1420000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	0.15
Public/Other than promoters (Individual/Hindu Undivided Family-Indian)	80.13
Public/Other than promoters (Body corporate)	19.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Pens such as ball pens, Colour Pencils, Spiral Ball Pen etc. (Registered Activity and also Confirmed by management)

Products/ Services :

Item Code No.	Product/ Services Description
99892001	Manufacturing of Plastic product

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Ball Pen
• Ball Pen ( Direct Filling)
• Spiral Ball Pen ( Direct Filling)
• New Model Pen ( Direct Filling)
• Gel Pen

Countries :

• Middle East Countries
• European Countries
• Asian Countries
• USA

Imports :

Products :

Pen, Grinded Raw Material

Countries :

• Korea
• China

Terms :

Selling :

Advance Payment

Purchasing :

L/C

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 :

• Standard Stationery Supply Co. USA
• Prama Export, Mumbai
• Sai Enterprise Co. Limited, Thailand

No. of Employees :

150 (Approximately)

Bankers :

Bank Name	Standard Chartered Bank
Branch	SME Banking, 19 N S Road, Kolkata – 700001, West Bengal, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loan From Bank * SCB (Term Loan Against Hypothecation of Plant and machinery)
SCB- 003005737	1.180	0.000
SCB- 002624524	0.960	2.338
HDFC Car Loan	1.068	0.000
Tata Motor Finance Limited	0.328	0.000
Short-term borrowings
Development Credit Bank- 0037	(0.011)	(0.003)
Standard Chartered Bank-33005074527 # (# The SC Bank O/D is secured by equitable mortgage of office building of SPS Overseas Private Limited and Purnendu Kanji and collateral security of hypothecation on stock and book debts.)	27.093	10.181
Standard Chartered Bank-Packing Credit A/c # # (## SCB Packing Credit is Repayable on Demand)	2.651	14.623
Buyers Credit-852010140722	1.646	0.000
Buyers Credit-101BUY316066	2.099	0.000
Buyers Credit-852010141696	0.844	0.000
Current Maturity Of Loan	2.287	0.000
Total	40.145	27.139

Auditors :
Name :	VKR and Company Chartered Accountants
Address :	3A, Bow Street, 1st Floor, Room No-04, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-40047745
E-Mail :	vkoffice@gmal.com
Website :	www.cavkr.com
Income-tax PAN of auditor or auditor's firm :	AAKFV9226H
Memberships :	Not Available
Collaborators :	Not Available
Company in which Directors and/or relatives have significant influence :	SPS Overseas Private Limited KSP Exports (Proprietor- Purnendu Kanji)

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1420000	Equity Shares	INR 10/- each	INR 14.200 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	14.200	14.200	14.200
(b) Reserves & Surplus	12.185	9.483	7.075
(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)	26.385	23.683	21.275
(3) Non-Current Liabilities
(a) Long-term borrowings	39.440	27.923	0.570
(b) Deferred tax liabilities (Net)	(0.849)	(0.414)	(0.161)
(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)	38.591	27.509	0.409
(4) Current Liabilities
(a) Short term borrowings	36.609	24.801	13.929
(b) Trade payables	23.966	16.838	15.468
(c) Other current liabilities	7.359	8.826	7.147
(d) Short-term provisions	1.653	1.354	1.055
Total Current Liabilities (4)	69.587	51.819	37.599
TOTAL	134.563	103.011	59.283
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.695	28.609	17.166
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	23.870	18.435	11.403
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	64.565	47.044	28.569
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.079	32.039	18.005
(c) Trade receivables	18.913	13.839	6.287
(d) Cash and cash equivalents	5.133	4.886	1.506
(e) Short-term loans and advances	4.873	5.203	0.000
(f) Other current assets	0.000	0.000	4.916
Total Current Assets	69.998	55.967	30.714
TOTAL	134.563	103.011	59.283

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	197.448	228.767	145.184
	Other Income	19.181	18.580	15.109
	TOTAL	216.629	247.347	160.293
Less	EXPENSES
	Cost of Materials Consumed	164.483	194.766	126.579
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Manufacturing and Operating Costs	19.090	23.846	15.779
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.323)	(4.315)	(0.499)
	Employees benefits expense	10.765	5.717	3.767
	Other expenses	10.785	15.818	6.719
	TOTAL	199.800	235.832	152.345
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	16.829	11.515	7.948
Less	FINANCIAL EXPENSES	4.983	2.744	1.850
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.846	8.771	6.098
Less/ Add	DEPRECIATION/ AMORTISATION	7.926	5.261	3.747
	PROFIT/ (LOSS) BEFORE TAX	3.920	3.510	2.351
Less	TAX	1.218	1.102	0.739
	PROFIT/ (LOSS) AFTER TAX	2.702	2.408	1.612
	Earnings / (Loss) Per Share (INR)	1.90	1.70	1.14

Expected Sales (2017-2018) : INR 200.000 Million (Due to market fluctuation)

The above information has been parted by Mr. Purnendu Kanji (Managing Director)

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	1.954	0.930
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	34.96	22.08	15.81
Account Receivables Turnover ( Income / Sundry Debtors)	10.44	16.53	23.09
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	53.18	31.56	44.60
Inventory Turnover (Operating Income / Inventories)	0.41	0.36	0.44
Asset Turnover (Operating Income / Net Fixed Assets)	0.41	0.40	0.46

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.81	0.79	0.66
Debt Equity Ratio (Total Liability / Networth)	2.88	2.31	0.73
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.64	2.19	1.77
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.54	1.21	0.81
Interest Coverage Ratio (PBIT / Financial Charges)	3.38	4.20	4.30

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	1.37	1.05	1.11
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.01	2.34	2.72
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.24	10.17	7.58

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.01	1.08	0.82
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.42	0.46	0.34
G-Score Ratio Financial (Networth / Total Assets)	0.20	0.23	0.36
G-Score Ratio Debt (Debts / Equity Capital)	5.36	3.85	1.09
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.01	1.08	0.82

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	14.200	14.200	14.200
Reserves & Surplus	7.075	9.483	12.185
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.275	23.683	26.385
long-term borrowings	0.570	27.923	39.440
Short term borrowings	13.929	24.801	36.609
Current Maturities of Long term debt	0.930	1.954	0.000
Total borrowings	15.429	54.678	76.049
Debt/Equity ratio	0.725	2.309	2.882

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	145.184	228.767	197.448
		57.570	(13.690)

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	145.184	228.767	197.448
Profit/(Loss)	1.612	2.408	2.702
	1.11%	1.05%	1.37%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
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

CORPORATE INFORMATION

The company is a private company incorporated in India. The Company is engaged in the manufacture of Ball Pen .The Ball Pen are manufactured and Exported outside India.

BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/STATE OF COMPANY’S AFFAIR

The highlights of the Company’s performance are as under:-

Revenue from operations experienced a decrease of 13.69%

• Profit for the year has increase by 0.45% from 1.53% to 1.99%

• Earnings per share have increase by 0.20 from 1.70 to 1.90

The increase in revenue as mentioned below is accredited to a increase in sale of manufactured goods in comparison to the last financial year:

• Revenue of the last F.Y. i.e. 2016-2017 INR 216.629 Million

• Revenue of the current F.Y. i.e. 2015-2016 INR 247.347 Million

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Dewdrop Merchantile Private limited	4.662	0.000
Fidus Finance Private Limited	27.047	21.121
Nitin Hire Purchase Private Limited	4.185	0.905
Sunview Retail Private Limited	0.010	3.559
Total	35.904	25.585

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G53279378	100055041	Standard Chartered Bank	23/09/2016	28/08/2017	-	1695000.0	SME BANKING19 N S Road Kolkata WEST BENGAL 700001 INDIA
2	G53279105	10606640	Standard Chartered Bank	23/09/2015	28/08/2017	-	72155000.0	SME BANKING19 N S Road Kolkata WEST BENGAL 700001 INDIA
3	C59423608	10581048	Standard Chartered Bank	04/07/2015	-	-	5209000.0	SME BANKING19 N S Road Kolkata WEST BENGAL 700001 INDIA
4	C74814120	10335884	DEVELOPMENT CREDIT BANK LIMITED	31/12/2011	30/10/2012	29/12/2015	16055000.0	"PREMLATA" 39, SHAKESPEARE SARANI KOLKATA WEST BENGAL 700039 INDIA
5	C73536740	10464390	DCB BANK LIMITED	05/12/2013	-	26/11/2015	22458000.0	601 & 602, Peninsula Business Park, 6th floor,Tower A, Senapati Bapat Marg, Lower Parel, Mumbai MAHARASHTRA 400013 INDIA
6	B31535503	10295846	UNION BANK OF INDIA	15/06/2011	-	11/01/2012	7100000.0	DHARAMTOLLA BRANCH5, CHOWRINGHEE PLACE KOLKATA WEST BENGAL 700013 INDIA

FIXED ASSETS

• Building
• Computer
• Electrical Equipment
• Motor car
• Furniture and Fittings
• Electrical Installation
• Machinery
• CCTV Camera
• Office equipment
• Fire Extinguisher

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 64.52
UK Pound	1	INR 90.12
Euro	1	INR 79.85

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	PRI
Report Prepared by :	SUD

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	YES
--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.