MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	490460
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	BVG LIFE SCIENCES LIMITED

Registered Office :	Premier Plaza, 3rd Floor, Above ICICI Bank Pune-Mumbai Road, Chinchwad, Pune-411019, Maharashtra
Tel. No.:	91-20-27464220

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	03.07.2014

Com. Reg. No.:	11-151669

Capital Investment / Paid-up Capital :	INR 0.500 Million

CIN No.: [Company Identification No.]	U15490PN2014PLC151669

IEC No.: [Import-Export Code No.]	Not Divulged

CST/ TIN No.:	27925298358

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

PAN No.: [Permanent Account No.]	AAFCB9518E

GSTN : [Goods & Service Tax Registration No.]	27AAFCB9518E1ZN

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in business of trading of agricultural chemicals, tea products and onions. (Registered Activity) To work in the field of Research, Production, Marketing, Dealers, of Value Added Agro products, Value added Horticulture products, Functional Food Ingredients, Additives, Nutraceutical products, Medical foods, Ready to Eat Foods, Value added Dairy products. (As per Memorandum of Association)

No. of Employees :	Information declined by the management

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	BVG Life Science Limited is a part of “BVG Group”. The company was incorporated in the year 2014. It is a wholesaler trader of Tea. For the financial year 2017, the company has achieved a massive growth of 908.34% in its revenue as compared to previous year but has incurred operational loss. The moderate financial risk profile of the company is reflected negative networth due to huge accumulated losses along with comfortable debt coverage indicators. Payments seems to be slow. In view of aforesaid, the company can be considered for business dealings on safe and secured 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	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 23.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Kedar Kulkarni
Designation :	Finance Manager
Contact No.:	91-7744081872

Name :	Ms. Madhu Chandra
Designation :	Assistant General Manager
Contact No.:	91-20-27464220
Date :	23.02.2018

LOCATIONS

Registered Office :	Premier Plaza, 3rd Floor, Above ICICI Bank Pune-Mumbai Road, Chinchwad, Pune-411019, Maharashtra, India
Tel. No.:	91-20-27464220
Mobile No.:	91-9822009325 (Mr. Hanmantrao Gaikwad) 91-7744081872 (Mr. Kedar Kulkarni)
Fax No.:	Not Available
E-Mail :	info@bvgindia.com cs@bvgindia.com madhu@bvgindia.com kedar.kulkarni@bvgindia.com kamalsinghare@bvindia.com
Website :	http://bvgindia.com

DIRECTORS

As on 31.03.2017

Name :

Mrs. Vaishali Hanmantrao Gaikwad

Designation :

Director

Address :

250, Kawade Nagar, New Sanghvi, Pune-411027, Maharashtra, India

Date of Birth:

13.01.1975

Date of Appointment :

03.07.2014

DIN No.:

01597289

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U90001PN2005PLC020986	BVG CLEAN TECHNOLOGIES LIMITED	07/07/2005	-
U45200PN2008PLC132309	BVG INFRASTRUCTURE LIMITED	15/09/2011	-
U45200PN2008PLC131902	BVG REALTY LIMITED	15/09/2011	-
U31401PN2008PLC132306	BVG CLEAN ENERGY LIMITED	15/09/2011	-
U85100PN2011PTC139592	BVG DOMESTIC SERVICES PRIVATE LIMITED	18/05/2011	-
U74900PN2015PLC155462	LIVESTOCK AND CROP REGISTRY INDIA LIMITED	18/06/2015	-
U15490PN2012PTC142334	SATARA MEGA FOOD PARK PRIVATE LIMITED	22/02/2012	-
U74900PN2015NPL157482	BVG SKILL ACADEMY	09/12/2015	-
U74999PN2016PTC166520	KESHAYURVED HAIR AND SKIN CARE PRIVATE LIMITED	21/09/2016	-

Name :

Mr. Umesh Gautam Mane

Designation :

Director

Address :

55/1, Kawade Nagar, Devkar Road New Sangvi, Pune-411027, Maharashtra, India

Date of Birth:

22.08.1970

Date of Appointment :

03.07.2014

DIN No.:

01597365

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U85100PN2016PTC158982	BVG-UKSAS EMS PRIVATE LIMITED	23/03/2016	-
U74900PN2015NPL157482	BVG SKILL ACADEMY	09/12/2015	-
U15490PN2012PTC142334	SATARA MEGA FOOD PARK PRIVATE LIMITED	22/02/2012	-
U74900PN2015PLC155462	LIVESTOCK AND CROP REGISTRY INDIA LIMITED	18/06/2015	-
U32204PN2015PTC154451	BVG ENERGY EFFICIENCY PRIVATE LIMITED	23/03/2015	-
U90009PN2011PTC141572	BVG KSHITIJ WASTE MANAGEMENT SERVICES PRIVATE LIMITED	09/12/2011	-
U15140PN2004PTC136409	PRIME OLEOCHEM PRIVATE LIMITED	30/09/2013	-
U15490PN2013PTC148253	YUVAN LONG LIFE PRIVATE LIMITED	17/04/2015	-
U74900PN2013PTC147276	VIGHNAHAR PEST CONTROL PRIVATE LIMITED	07/05/2013	-
U31401PN2008PLC132306	BVG CLEAN ENERGY LIMITED	24/06/2008	-
U45200PN2008PLC131902	BVG REALTY LIMITED	01/05/2008	-
U45200PN2008PLC132309	BVG INFRASTRUCTURE LIMITED	25/06/2008	-
U90001PN2005PLC020986	BVG CLEAN TECHNOLOGIES LIMITED	07/07/2005	-
U41000PN2002PTC016835	BVG JAL PRIVATE LIMITED	20/03/2002	-
U74999PN2002PLC016834	BVG INDIA LIMITED	02/04/2007	-

Name :

Mr. Hanmantrao Gaikwad

Designation :

Director

Address :

250, Kawade Nagar, New Sanghvi, Pune-411027, Maharashtra, India

Date of Birth:

21.10.1972

Date of Appointment :

03.07.2014

DIN No.:

01597742

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U85190MH2016PTC273547	ORA ASIA PHARMACEUTICALS PRIVATE LIMITED	26/02/2016	-
U74900PN2015NPL157482	BVG SKILL ACADEMY	09/12/2015	-
U15490PN2012PTC142334	SATARA MEGA FOOD PARK PRIVATE LIMITED	22/02/2012	-
U74999PN2002PLC016834	BVG INDIA LIMITED	20/03/2002	-
U74900PN2015PLC155462	LIVESTOCK AND CROP REGISTRY INDIA LIMITED	18/06/2015	-
U32204PN2015PTC154451	BVG ENERGY EFFICIENCY PRIVATE LIMITED	23/03/2015	-
U90009PN2011PTC141572	BVG KSHITIJ WASTE MANAGEMENT SERVICES PRIVATE LIMITED	09/12/2011	-
U15140PN2004PTC136409	PRIME OLEOCHEM PRIVATE LIMITED	30/09/2013	-
U15490PN2013PTC148253	YUVAN LONG LIFE PRIVATE LIMITED	17/04/2015	-
U74900PN2013PTC147276	VIGHNAHAR PEST CONTROL PRIVATE LIMITED	07/05/2013	-
U41000PN2002PTC016835	BVG JAL PRIVATE LIMITED	20/03/2002	-
U85100PN2011PTC139592	BVG DOMESTIC SERVICES PRIVATE LIMITED	18/05/2011	-
U90001PN2005PLC020986	BVG CLEAN TECHNOLOGIES LIMITED	07/07/2005	-
U31401PN2008PLC132306	BVG CLEAN ENERGY LIMITED	24/06/2008	-
U45200PN2008PLC131902	BVG REALTY LIMITED	01/05/2008	-
U45200PN2008PLC132309	BVG INFRASTRUCTURE LIMITED	25/06/2008	-

KEY EXECUTIVES

Name :	Mr. Kedar Kulkarni
Designation :	Finance Manager

Name :	Ms. Madhu Chandra
Designation :	Assistant General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders		No. of Shares
Hanmantrao Ramdas Gaikwad		24000
Vaishali Hanmantrao Gaikwad		20600
Umesh Gautam Mane		5000
Jagannath Sahebrao Ghadge		100
Vikas Vyakat Nipane		100
Kiran Bhimrao Yadav		100
Madhuchandra Narayanrao Kalaskar		100
Total		50000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2016

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of trading of agricultural chemicals, tea products and onions. (Registered Activity)

To work in the field of Research, Production, Marketing, Dealers, of Value Added Agro products, Value added Horticulture products, Functional Food Ingredients, Additives, Nutraceutical products, Medical foods, Ready to Eat Foods, Value added Dairy products. (As per Memorandum of Association)

Products/ Services :

Item Code No.	Product/ Services Description
99611272	Tea

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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)	--

Auditors :
Name :	ANRK and Associate LLP Chartered Accountants
Address :	2nd Floor, Shreeram Apartments, 1244-B, Apte Road, Deccan Gymkhana, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25530144
Fax No.:	91-20-25530144

Memberships :	Not Available

Collaborators :	Not Available

Enterprises over which the company or key management personnel or their relatives exercise significant influence :	BVG India Limited Livestock and Crop Registry India Limited Satara Mega Food Park Private Limited Yuvan Long Life Private Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	INR 10/- each	INR 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	INR 10/- each	INR 0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	(23.407)	(8.116)	(1.004)
(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)	(22.907)	(7.616)	(0.504)

(3) Non-Current Liabilities
(a) Long-term borrowings	95.082	53.353	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	95.082	53.353	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	4.060
(b) Trade payables	6.144	6.777	0.262
(c) Other current liabilities	4.266	1.779	0.000
(d) Short-term provisions	0.000	0.000	0.007
Total Current Liabilities (4)	10.410	8.556	4.329

TOTAL	82.585	54.293	3.825

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.245	0.000	0.000
(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	7.560	0.050	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7.805	0.050	0.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.324	10.345	0.546
(c) Trade receivables	6.721	0.584	0.000
(d) Cash and cash equivalents	2.177	0.732	3.259
(e) Short-term loans and advances	38.558	42.582	0.020
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	74.780	54.243	3.825

TOTAL	82.585	54.293	3.825

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	17.938	1.779	0.075
	Other Income	0.006	0.131	0.000
	TOTAL	17.944	1.910	0.075

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	22.015	10.523	0.603
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.980)	(9.798)	(0.546)
	Employees benefits expense	13.120	4.728	0.094
	Other expenses	15.060	3.569	0.928
	TOTAL	33.215	9.022	1.079

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(15.271)	(7.112)	(1.004)

Less	FINANCIAL EXPENSES	0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(15.271)	(7.112)	(1.004)

Less/ Add	DEPRECIATION/ AMORTISATION	0.021	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX	(15.292)	(7.112)	(1.004)

Less	TAX	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	(15.292)	(7.112)	(1.004)

	EARNINGS IN FOREIGN CURRENCY
	Sale of Onions	5.373	0.000
	TOTAL EARNINGS	5.373	0.000	0.000

	Earnings / (Loss) Per Share (INR)	(305.83)	(142.23)	(20.08)

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	NA	NA	NA
Net cash flow from operating activity	(40.019)	(48.580)	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365 Days)*	136.76	119.82	0.00

Account Receivables Turnover ( Income / Sundry Debtors)	2.67	3.05	0.00

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	101.87	235.07	158.59

Inventory Turnover (Operating Income / Inventories)	(0.56)	(0.69)	(1.84)

Asset Turnover (Operating Income / Net Fixed Assets)	(62.33)	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.28	1.14	1.13

Debt Equity Ratio (Total Liability / Networth)	(4.15)	(7.01)	(8.06)

Current Liabilities to Networth (Current Liabilities / Net Worth)	(0.45)	(1.12)	(8.59)

Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.01)	0.00	0.00

Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) 100]*	%	(85.25)	(399.78)	(1338.67)

Return on Total Assets ((PAT / Total Assets) 100)*	%	(18.52)	(13.10)	(26.25)

Return on Investment (ROI) ((PAT / Networth) 100)*	%	66.76	93.38	199.21

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	7.18	6.34	0.88

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	4.56	5.13	0.76

G-Score Ratio Financial (Networth / Total Assets)	(0.28)	(0.14)	(0.13)

G-Score Ratio Debt (Debts / Equity Capital)	190.16	106.71	8.12

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	7.18	6.34	0.88

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	0.500	0.500	0.500
Reserves & Surplus	(1.004)	(8.116)	(23.407)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(0.504)	(7.616)	(22.907)

long-term borrowings	0.000	53.353	95.082
Short term borrowings	4.060	0.000	0.000
Total borrowings	4.060	53.353	95.082
Debt/Equity ratio	(8.056)	(7.005)	(4.151)

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	0.075	1.779	17.938
		2,272.000	908.319

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	0.075	1.779	17.938
Profit/(Loss)	(1.004)	(7.112)	(15.292)
	(1338.67%)	(399.78%)	(85.25%)

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND

The company is a limited company registered under companies act, 2013 (the act) was incorporated on 3 July 2014. The registered office of the company is located at Pune. The company is engaged in business of trading of agricultural chemicals, tea products and onions.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
From Directors	51.135	38.674
From Others	43.947	14.679

Total	95.082	53.353

INDEX OF CHARGES

No Charges Exists for Company

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 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 65.04
UK Pound	1	INR 90.41
Euro	1	INR 79.83

INFORMATION DETAILS

Information Gathered by :	SWE

Analysis Done by :	VAR

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	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.