MIRA INFORM REPORT

Report No. :	493676
Report Date :	27.02.2018

IDENTIFICATION DETAILS

Name :	SWASTIK ARCADE PRIVATE LIMITED
Registered Office :	D/15, Riddhi Siddhi Apartment, Near Kameshwar School, Jodhpur Cross Road, Satellite, Ahmedabad - 380 015, Gujarat
Tel. No.:	91-79-66055819
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	28.03.2006
Com. Reg. No.:	04-048020
Capital Investment / Paid-up Capital :	INR 2.000 Million
CIN No.: [Company Identification No.]	U45200GJ2006PTC048020
IEC No.: [Import-Export Code No.]	Not Applicable (As informed by the management that firm does not have export and import)
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAJCS8472L
GSTN : [Goods & Service Tax Registration No.]	24AAJCS8472L1ZQ
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into civil construction activity. (Registered Activity and also Confirmed by management)
No. of Employees :	32 (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 :	Swastik Arcade Private Limited was incorporated in the year 2006. It is engaged in Civil Construction Activity. Management has failed to file its financials with Registrar of Companies for the FY 2017. For the financial year 2016, the revenue of the company has increased by 9.93% along with average profit margin of 3.16%. The rating takes into consideration the satisfactory financial profile of the company marked by acceptable networth base along with comfortable debt coverage indicators. The company has decent earning per share (EPS) of INR 36.74 against the face value (FV) of INR 10. However, rating is constrained on account of absence of latest financials. Business is active. Payments seems to be slow but 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	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 27.02.2018

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. Bineshkumar Vallabhdas Kundria
Designation :	Director
Contact No.:	91-9909782552
Date :	23.02.2018

LOCATIONS

Registered Office :	D/15, Riddhi Siddhi Apartment, Near Kameshwar School, Jodhpur Cross Road, Satellite, Ahmedabad - 380 015, Gujarat, India
Tel. No.:	91-79-66055819
Mobile No.:	91-9909782552 (Mr. Bineshkumar Vallabhdas Kundria)
Fax No.:	Not Available
E-Mail :	pandhi77@rediffmail.com swstik.arcade@yahoo.in saplahmedabad303@gmail.com

DIRECTORS

As on 31.03.2017

Name :	Mr. Narendra Narshibhaia Kundaria
Designation :	Director
Address :	D/15, Riddhi Siddhi Apartment, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Appointment :	28.03.2006
DIN No.:	02427355
Name :	Mr. Bineshkumar Vallabhdas Kundria
Designation :	Director
Address :	D-15, Riddhi Siddi Apartment, Jodhpur, Ahmedabad – 380001, Gujarat, India
Date of Appointment :	28.03.2006
DIN No.:	02427376

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders	No. of Shares	%age
Narendra N. Kundaria	100000	50.00
Binesh Vallabhbhai Kundaria	100000	50.00
Total	200000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

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

BUSINESS DETAILS

Line of Business :

Subject is engaged into civil construction activity. (Registered Activity and also Confirmed by management)

Products/ Services :

Item Code No.	Product/ Services Description
99532909	Civil Construction Etc

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

L/C and Cheque, Others (RTGS)

Purchasing :

L/C and Cheque, Others (RTGS)

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 :

Government, Private Sector

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

No. of Employees :

32 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Satellite Branch, Gujarat, 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)	Overdraft INR 30.000 Million
Account Operation	--
Remarks (If any)	--

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

PARTICULAR	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
HDFC Bank Limited	0.034	0.450
HDFC Bank Limited Loan 5958 CV	0.000	0.419
HDFC Bank Limited	0.561	1.000
Kotak Mahindra Bank Limited	0.342	0.639
Kotak Mahindra Bank Limited – 3395 CV	0.000	0.612
Kotak Mahindra Bank Loan	0.674	0.957
ICICI Bank Limited	0.429	0.544
IndusInd Bank Limited	2.324	0.000
ICICI Bank Limited LAN	0.790	0.000
Yes Bank Limited	2.017	1.243
HDFC Bank Limited Machinery Loan	0.659	0.000
Kotak Mahindra Bank Limited Loan A/C	0.900	0.000
Kotak Mahindra Bank Limited Loan A/C	0.000	0.003
Term Loans from Others
Megha Fincorporation Limited	1.374	2.518
Edel Wess Housing Finance Limited	0.000	2.460
RBL Bank Business Loan	1.376	1.941
Shree Ram City Union Finance	0.616	1.893
Religare Finvest Limited	1.579	2.295
Religare Finvest Limited	2.046	0.000
Shri Ram City Union BL Limited	1.394	0.000
Tata Capital Limited Refinance 5300	0.000	0.639
Tata Capital Limited	3.259	0.000
Tata Capital Limited	0.000	0.949
Edelweiss Retail Finance Limited	3.841	0.000
Magma Fincorp Limited	1.871	0.000
RBL Bank Business Loan	1.885	0.000
Loan and advances from related parties	0.185	0.005
Short-term borrowings
Canara Bank A/c 025	9.974	9.853
Deposits	0.535	0.000
Total	38.665	28.420

Auditors :
Name :	A.R. Pandhi and Associates Chartered Accountants
Address :	405, 4th Floor, Kalash-II, Near Jain Temple, B/H. Navrangpura Post Office, Navarangpura, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AGWPP8124C
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties : (As on 31.03.2016)	Shreeji Suppliers Shreeji Transport Shreeji Construction – Bapunagar

CAPITAL STRUCTURE

As on 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	INR 10/- each	INR 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	INR 10/- each	INR 2.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.000	2.000	0.100
(b) Reserves & Surplus	27.685	20.470	11.723
(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)	29.685	22.470	11.823
(3) Non-Current Liabilities
(a) Long-term borrowings	28.156	18.567	5.238
(b) Deferred tax liabilities (Net)	0.766	0.923	0.516
(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)	28.922	19.490	5.754
(4) Current Liabilities
(a) Short term borrowings	10.509	9.853	2.176
(b) Trade payables	36.166	26.983	37.105
(c) Other current liabilities	4.375	3.950	1.865
(d) Short-term provisions	1.434	1.397	3.055
Total Current Liabilities (4)	52.484	42.183	44.201
TOTAL	111.091	84.143	61.778
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.745	12.141	14.714
(ii) Intangible Assets	0.000	0.001	0.003
(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	2.080	0.669	0.137
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.825	12.811	14.854
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.856	0.558	0.402
(c) Trade receivables	77.407	55.644	1.186
(d) Cash and cash equivalents	1.424	5.499	39.168
(e) Short-term loans and advances	8.579	9.631	0.182
(f) Other current assets	0.000	0.000	5.986
Total Current Assets	95.266	71.332	46.924
TOTAL	111.091	84.143	61.778

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	228.617	207.961	143.752
	Other Income	0.057	1.611	0.406
	TOTAL	228.674	209.572	144.158
Less	EXPENSES
	Cost of Materials Consumed	118.562	96.196	73.552
	Purchases of Stock-in-Trade	74.921	81.370	48.908
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.297)	0.627	0.302
	Employees benefits expense	12.417	4.265	4.420
	Other expenses	9.431	7.528	7.860
	TOTAL	208.034	189.986	135.042
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	20.640	19.586	9.116
Less	FINANCIAL EXPENSES	4.958	3.060	1.415
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15.682	16.526	7.701
Less/ Add	DEPRECIATION/ AMORTISATION	3.144	3.422	2.433
	PROFIT/ (LOSS) BEFORE TAX	12.538	13.104	5.268
Less	TAX	5.323	4.357	1.919
	PROFIT/ (LOSS) AFTER TAX	7.215	8.747	3.349
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	20.470	11.723	8.374
	Balance Carried to the B/S	27.685	20.470	11.723
	Earnings / (Loss) Per Share (INR)
	Basic	36.07	43.74	334.88
	Diluted	36.07	43.74	16.74

Particulars	31.03.2017
Sales Turnover (Approximately)	325.200

Expected Sales (2017-2018) : INR 350.000 Million

The above information has been parted by Mr. Bineshkumar Vallabhdas Kundria (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	123.58	97.66	3.01
Account Receivables Turnover ( Income / Sundry Debtors)	2.95	3.74	121.21
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	68.23	55.47	110.59
Inventory Turnover (Operating Income / Inventories)	2.63	35.10	22.68
Asset Turnover (Operating Income / Net Fixed Assets)	1.50	1.61	0.62

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.73	0.72	0.80
Debt Equity Ratio (Total Liability / Networth)	1.30	1.26	0.63
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.77	1.88	3.74
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.46	0.54	1.24
Interest Coverage Ratio (PBIT / Financial Charges)	4.16	6.40	6.44

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin [(PAT / Sales) * 100]	%	3.16	4.21	2.33
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.49	10.40	5.42
Return on Investment (ROI) ((PAT / Networth) * 100)	%	24.31	38.93	28.33

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.82	1.69	1.06
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.67	1.68	1.05
G-Score Ratio Financial (Networth / Total Assets)	0.27	0.27	0.19
G-Score Ratio Debt (Debts / Equity Capital)	19.33	14.21	74.14
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.82	1.69	1.06

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	0.100	2.000	2.000
Reserves & Surplus	11.723	20.470	27.685
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	11.823	22.470	29.685
long-term borrowings	5.238	18.567	28.156
Short term borrowings	2.176	9.853	10.509
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	7.414	28.420	38.665
Debt/Equity ratio	0.627	1.265	1.303

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	143.752	207.961	228.617
		44.667	9.933

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	143.752	207.961	228.617
Profit/(Loss)	3.349	8.747	7.215
	2.33%	4.21%	3.16%

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	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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
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 four years	Yes
27	Reasons for variation <> 20%	--
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

STATE OF THE COMPANY’S AFFAIRS AND FUTURE OUTLOOK (As on 31.03.2016)

There has been no change in the business of the company during the financial year ended 31st March, 2016. The directors are striving hard by making sincere efforts for the better growth and prospects of the company in the future.

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	G55316533	100126026	HDFC BANK LIMITED	03/10/2017	113000000.0	HDFC BANK HOUSESENAPATI BAPAT MARG LOWER PAREL WEST MUMBAI MAHARASHTRA 400013 INDIA
2	G10450864	100047228	HDB FINANCIAL SERVICES LIMITED	31/05/2016	633000.0	201, 2ND FLOOR, SHILP SQUARE-AOPP HIMALAYA MALL, DRIVE-IN ROAD AHMEDABAD GUJARAT 380052 INDIA
3	C44930923	10553063	TATA CAPITAL FINANCIAL SERVICES LIMITED	30/12/2014	870000.0	One Forbes, Dr. V. B. Gandhi Marg, Fort MUMBAI MAHARASHTRA 400001 INDIA
4	B91958819	10466159	TATA CAPITAL FINANCIAL SERVICES LIMITED	11/11/2013	979000.0	One Forbes, Dr. V. B. Gandhi Marg, Fort MUMBAI MAHARASHTRA 400001 INDIA
5	B67973552	10402698	TATA CAPITAL FINANCIAL SERVICES LIMITED	16/01/2013	1242000.0	One Forbes, Dr. V. B. Gandhi Marg, Fort MUMBAI MAHARASHTRA 400001 INDIA
6	B62349493	10387564	TATA CAPITAL FINANCIAL SERVICES LIMITED	31/10/2012	1125000.0	One Forbes, Dr. V. B. Gandhi Marg, Fort MUMBAI MAHARASHTRA 400001 INDIA
7	B40146466	10357166	BAJAJ FINANCE LIMITED	14/05/2012	813624.0	AKURDI PUNE-Pune MAHARASHTRA 411035 INDIA
8	B08268112	10272182	BAJAJ FINANCE LIMITED	11/03/2011	800000.0	AKURDI PUNE-Pune MAHARASHTRA 411035 INDIA
9	B02794311	10258398	BAJAJ FINANCE LIMITED	30/12/2010	400000.0	AKURDI PUNE-Pune MAHARASHTRA 411035 INDIA
10	B00881979	10253720	BAJAJ FINANCE LIMITED	27/11/2010	811350.0	AKURDI PUNE-Pune MAHARASHTRA 411035 INDIA

FIXED ASSETS

• Mobile Instruments
• Computer
• Fan
• Television
• Printer
• Office Furniture
• Plant and Machinery
• Laptop
• HP Printer
• Bolero

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 64.66
UK Pound	1	INR 90.65
Euro	1	INR 79.69

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	VAR
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	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.