MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	493196
Report Date :	21.02.2018

IDENTIFICATION DETAILS

Name :	PELICAN ROTOFLEX PRIVATE LIMITED

Registered Office :	Plot No. 2319, G-2320/1/B & 2321. Road No.8, GIDC Lodhika, Metoda, Rajkot – 360021, Gujarat
Tel. No.:	91-282-7287422

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	23.12.1996

Com. Reg. No.:	04-031350

Capital Investment / Paid-up Capital :	INR 40.000 Million

CIN No.: [Company Identification No.]	U29294GJ1996PTC031350

IEC No.: [Import-Export Code No.]	2499000538

GSTN : [Goods & Service Tax Registration No.]	24AADCP8174G1ZB

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

PAN No.: [Permanent Account No.]	AADCP8174G

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is engaged in the manufacturing and selling of new generation converting machineries and parts. [Registered Activity and also confirmed by management]

No. of Employees :	300 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

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

Status :	Good

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1996. It is engaged into manufacturing and selling of new generation concerting machineries and parts. For the financial year 2017, the company has achieved revenue growth of 24.32% as compared to the previous year along with fair profit margin of 7.52%. The sound financial risk profile of the company is marked by adequate networth base along with strong debt coverage indicators due to low debt balance sheet profile. Rating takes into account the vast experience of the promoters in manufacturing of machineries used in flexible packaging, established business operations coupled with diversified and reputed customer base. Rating is constrained on account of subject’s susceptibility of profit margins to fluctuations in raw material prices and foreign exchange rates coupled with competition from domestic players as well as import threat from other developed countries. Payments seems to be usually correct. 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

(30.09.2017)

Current Rating

(31.12.2017)

India

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	CARE
Rating	Long term bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	06.02.2018

Rating Agency Name	CARE
Rating	Short term bank facilities = A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	06.02.2018

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 [GENERAL DETAILS]

Name :	Mr. Mitesh Merwana
Designation :	Accountant
Contact No.:	91-9662510629
Date :	19.02.2018

LOCATIONS

Registered Office/ Factory :	Plot No. 2319, G-2320/1/B & 2321. Road No.8, GIDC Lodhika, Metoda, Rajkot – 360021, Gujarat, India
Tel. No.:	91-282-7287422
Mobile No.:	91-9662510629 (Mr. Mitesh Merwana)
Fax No.:	91-2827-287499
E-Mail :	info@pelican.in sales@pelican.in viren@pelican.in
Website :	http://www.pelican.in
Area :	20000 Sq. Mtr
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Vijaybhai Jamnadas Shrimanker

Designation :

Director

Address :

Pelican House 2 - Suryoday Society, Behind Star Plaza, Opposite St. Marry School, Rajkot – 360005, Gujarat, India

Date of Appointment :

01.06.1998

DIN No.:

00408099

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U34103GJ2012PTC068809	ACCURATE MOTO (GUJARAT) PRIVATE LIMITED	30/09/2014	-

Name :

Mr. Bharatbhai Jamnadas Shrimanker

Designation :

Managing Director

Address :

Pelican House 2 - Suryoday Society, Behind Star Plaza, Opposite St. Marry School, Rajkot – 360005, Gujarat, India

Date of Appointment :

01.06.2012

DIN No.:

00408128

KEY EXECUTIVES

Name :	Mr. Mitesh Merwana
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
Bharat Jamnadas Shrimanker		2010180
Niranjanaben Jamnadas Shrimanker		153400
Shilpaben Bharatbhai Shrimanker		91900
Vijaybhai Jamnadas Shrimanker		1669020
Sapnaben Vijaybhai Shrimanker		75500
Total		4000000

AS ON 29.09.2017

Equity Share Break up	Percentage
Category
Promoters – [Individual/Hindu Undivided Family – Indian]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the manufacturing and selling of new generation converting machineries and parts. [Registered Activity and also confirmed by management]

Products / Services :

ITC Code	Product/ Services Description
84431700	Printing Machine and Lamination Machine

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Plastic Printing Machinery

Countries :

Saudi Arabian Countries
South African Countries
Nepal

Imports :

Products :

Raw Material

Countries :

United States of America

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Siemens Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

Retailers and End Users

Reference :	Balaji Multiflex Private Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

300 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Near Kanta Stri Vikasgruhi, Dhebarbhai Road, Bhakti Nagar, Rajkot – 360002, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-7600036825 [Number is 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)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term Loan (Secured by Equitable Mortgage of Factory Land and Building any Hypothecation of Plant and Machineries and personal Guarantee of directors)	32.889	29.019
Vehicle Loan (Hypothecation of vehicles and Personal Guarantee of directors)	0.602	1.157
SHORT TERM BORROWINGS
Loan Repayment on Demand (Credit Facility) (Equitable Mortgage of Factory Land and Building any Hypothecation of Goods and Debt and personal Guarantee of directors)	188.545	56.985
Loan Repayment Due within 12 month (Equitable Mortgage of Factory Land and Building any Hypothecation of Plant and Machineries and personal Guarantee of directors	19.601	11.698
Total	241.637	98.859

Auditors :
Name :	Arvindkumar Maniar and Company Chartered Accountants
Address :	Abhay Nivas, 14 Panchnath Plot, Rajkot – 360001, Gujarat, India
PAN No.:	ACJPM0775H

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	INR 10/- each	INR 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	INR 10/- each	INR 40.000 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	40.000	40.000	40.000
(b) Reserves & Surplus	473.829	403.923	340.045
(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)	513.829	443.923	380.045

(3) Non-Current Liabilities
(a) long-term borrowings	33.491	30.176	23.855
(b) Deferred tax liabilities (Net)	43.222	38.488	32.829
(c) Other long term liabilities	45.243	31.832	16.412
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	121.956	100.496	73.096

(4) Current Liabilities
(a) Short term borrowings	208.146	68.683	82.425
(b) Trade payables	113.192	48.356	42.053
(c) Other current liabilities	138.527	61.612	67.025
(d) Short-term provisions	9.198	9.746	9.409
Total Current Liabilities (4)	469.063	188.397	200.912

TOTAL	1104.848	732.816	654.053

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	322.536	283.604	276.225
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.031	10.974	22.062
(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	18.383	5.002	3.028
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	342.950	299.580	301.315

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	333.912	260.479	241.025
(c) Trade receivables	293.001	135.106	67.038
(d) Cash and cash equivalents	69.567	11.112	5.461
(e) Short-term loans and advances	33.533	5.560	11.575
(f) Other current assets	31.885	20.979	27.639
Total Current Assets	761.898	433.236	352.738

TOTAL	1104.848	732.816	654.053

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	929.353	747.550	705.191
	Other Income	15.834	13.584	16.677
	TOTAL	945.187	761.134	721.868

Less	EXPENSES
	Cost of Materials Consumed	565.758	404.419	419.91
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.219)	14.215	(33.102)
	Employees benefits expense	139.280	110.967	102.045
	Other expenses	115.360	93.142	99.769
	TOTAL	794.179	622.743	588.622

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	151.008	138.391	133.246

Less	FINANCIAL EXPENSES	20.733	16.417	13.55

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	130.275	121.974	119.696

Less	DEPRECIATION/ AMORTISATION	27.999	25.986	23.304

	PROFIT/ (LOSS) BEFORE TAX	102.276	95.988	96.392

Less	TAX	32.370	32.110	34.564

	PROFIT/ (LOSS) AFTER TAX	69.906	63.878	61.828

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	403.922	340.044	289.814

Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	(11.598)

	Balance Carried to the B/S	473.828	403.922	340.044

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	99.939	167.708	259.236
	TOTAL EARNINGS	99.939	167.708	259.236

	IMPORTS
	Raw Materials	88.422	55.007	71.325
	TOTAL IMPORTS	88.422	55.007	71.325

	Earnings / (Loss) Per Share (INR)	17.48	15.97	15.46

Particulars

31.03.2018

Sales Turnover (Approximately)

1200.000

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	21.947	79.031	NA
Net cash flow from operating activities	(5.689)	52.581	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	115.08	65.97	34.70

Account Receivables Turnover [Income / Sunday Debtors]	3.17	5.53	10.52

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	73.03	43.64	36.55

Inventory Turnover (Operating Income / Inventories)	0.45	0.53	0.55

Asset Turnover (Operating Income / Net Fixed Assets)	0.47	0.47	0.45

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.45	0.30	0.34

Debt Equity Ratio (Total Liability / Networth)	0.47	0.22	0.28

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.91	0.42	0.53

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.63	0.66	0.78

Interest Coverage Ratio (PBIT / Financial Charges)	7.28	8.43	9.83

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	7.52	8.54	8.77

Return on Total Assets ((PAT / Total Assets) * 100)	%	6.33	8.72	9.45

Return on Investment (ROI) ((PAT / Networth) * 100)	%	13.60	14.39	16.27

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.62	2.30	1.76

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.91	0.92	0.56

G-Score Ratio Financial (Networth / Total Assets)	0.47	0.61	0.58

G-Score Ratio Debt (Debts / Equity Capital)	6.04	2.47	2.66

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.62	2.30	1.76

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	40.000	40.000	40.000
Reserves & Surplus	340.045	403.923	473.829
Net worth	380.045	443.923	513.829

Long Term borrowings	23.855	30.176	33.491
Short Term borrowings	82.425	68.683	208.146
Total borrowings	106.280	98.859	241.637
Debt/Equity ratio	0.280	0.223	0.470

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	705.191	747.550	929.353
		6.007	24.320

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	705.191	747.550	929.353
Profit	61.828	63.878	69.906
	8.77%	8.54%	7.52%

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	Yes
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	No
18	Major suppliers	Yes
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 four 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is a company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the manufacturing and selling of new generation converting machineries and parts. The company caters to both domestic and intenational markets.

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G38271540	100082998	YES BANK LIMITED	06/10/2016	-	-	40000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA
2	G17730763	100056574	YES BANK LIMITED	06/09/2016	-	-	40000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA
3	G43299924	10555896	STATE BANK OF INDIA	28/02/2015	20/04/2017	-	309200000.0	DHEBAR ROAD (SME) BRANCH, NR. KANTA STREE VIKASH GRUH, DHEBAR ROAD, RAJKOT – 360001, GUJARAT, INDIA
4	C52262912	90110013	CORPORATION BANK	07/09/1999	15/03/2013	28/04/2015	192372000.0	SME BRANCH, 101-GAYATRI COMMERCIAL COMPLEX,OPP. PARIMAL SCHOOL, KALAWAD ROAD, RAJKOT – 360005, GUJARAT, INDIA
5	C50849355	10338521	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	06/02/2012	-	07/04/2015	10600000.0	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA
6	B84591288	90110034	CORPORATION BANK	25/10/1999	10/09/2007	14/09/2013	77700000.0	SME BRANCH, JP TOWERTAGORE ROAD, RAJKOT – 360002, GUJARAT, INDIA
7	B84726827	90107773	CORPORTION BANK	25/10/1999	25/05/2005	14/09/2013	1400000.0	S S I BRANCH; TAGORE ROAD, RAJKOT, GUJARAT, INDIA
8	B20433017	10101058	ICICI BANK LIMITED	18/01/2008	-	05/09/2011	650000.0	LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA -390015, GUJARAT, INDIA

FIXED ASSETS:

Tangible Assets

Land
Building
Plant and Machinery
Furniture and fixture
Vehicle
Computer
Electrical
Motor Car
Laboratory
Wind Mills

Intangible assets

Trademark
Technology

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 64.53
UK Pound	1	INR 79.86
Euro	1	INR 90.13

INFORMATION DETAILS

Information Gathered by :	PNM

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	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.