MIRA INFORM REPORT

Report No. :	485946
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	MAGPPIE LIVING PRIVATE LIMITED
Registered Office :	A 276, Third Floor, Defence Colony, New Delhi – 110024
Mobile No.:	91-9711008711 (Mr. K. K. Goyal)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	26.06.2013
Com. Reg. No.:	55-254374
Capital Investment / Paid-up Capital :	INR 13.000 Million
CIN No.: [Company Identification No.]	U36100DL2013PTC254374
IEC No.:	0513057854
TIN / CST No.:	06981942714 / 07176901977
GSTIN/UIN :	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICM7073L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of modular kitchen, modular furniture and home accessories. [Registered activity and also confirmed by management]
No. of Employees :	200 (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

Maximum Credit Limit :	USD 67000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2013. It is engaged as manufacturer of modular kitchen, modular furniture and home accessories. For the financial year 2017, the company has reported a dip in its revenue as compared to its previous year along with average profit margin during the year. However, the company possesses sound financial risk profile marked by adequate networth base along with comfortable debt protection metrics and healthy liquidity position. Rating continue to derive strength from its established track record of its business operation backed by its well experienced promoters. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. NOTE: with site visit will follow soon.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

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

EXTERNAL AGENCY RATING

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 13.01.2018

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. K. K. Goyal
Designation :	Finance Manager
Contact No.:	91-9711008711
Date :	12.01.2018

LOCATIONS

Registered Office :	A 276, Third Floor, Defence Colony, New Delhi – 110024, India
Tel. No.:	91-11-46039947
Mobile No.:	91-9711008711 (Mr. K. K. Goyal) 91-9899469009 (Ms. Megha Jain)
Fax No.:	Not Available
E-Mail :	magppieliving@gmail.com goyal@magppie.com
Website :	https://www.magppiekitchen.com
Location :	Rented
Locality :	Commercial
Branch Office / Factory :	Plot No.215, Sector-4, IMT, Manesar, Gurugram – 122050, Haryana, India
Tel. No.:	91-124-4076722

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Rohtas Goel

Designation :

Director

Address :

E-7, Ansal Villas Village Satbari, Tehsil Mahrauli, New Delhi – 110074, India

Date of Appointment :

29.09.2015

DIN No.:

00003735

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40101PB2007PTC031395	OMAXE POWER PRIVATE LIMITED	03/10/2007	-
U52100DL2010PTC209905	OMAXE GLOBAL TRADING CORPORATION PRIVATE LIMITED	27/10/2010	-
U65100DL2016PLC306866	AFFORDABLE INDIA HOUSING FINANCE LIMITED	06/10/2016	-
U74996DL2006PLC150396	OMAXE PRAGATI MAIDAN EXHIBITION LIMITED	29/06/2006	-
U40101DL2006PLC147187	OMAXE INFOTECH CITY DEVELOPERS LIMITED	07/03/2006	-
U45201DL2006PLC145899	OMAXE HOUSING AND COMMERCIAL PROJECTS LIMITED	06/02/2006	-
U45201DL2006PLC145492	OMTECH INFRASTRUCTURE AND CONSTRUCTION LIMITED	11/04/2007	-
U45201DL2005PLC141778	BHARATBHOOMI TOWNSHIP LIMITED	17/10/2005	-
U45201DL2004PTC131456	VSG BUILDERS PRIVATE LIMITED	18/08/2005	-
U45201DL2004PTC131509	NJS DEVELOPERS PRIVATE LIMITED	18/08/2005	-
U45201DL2004PLC125048	OMAXE CONNAUGHT PLACE MALL LIMITED	08/03/2004	-
U45201HR2003PTC049535	GUILD BUILDERS PRIVATE LIMITED	25/10/2017	-
U45201HR2003PTC049834	DREAM HOME DEVELOPERS PRIVATE LIMITED	25/10/2017	-
U45201DL2003PTC119644	EXAMO ESTATE MANAGEMENT PRIVATE LIMITED	01/04/2003	-
U74899DL1994PTC062184	B D AGARWAL SECURITIES PRIVATE LIMITED	21/01/2016	-
U74899DL1989PTC037231	BUILDWELL BUILDERS PRIVATE LIMITED	10/02/2004	-
L74899HR1989PLC051918	OMAXE LIMITED	08/03/1989	-
U74899DL1986PTC025454	HANSA PROPERTIES PRIVATE LIMITED	13/05/2003	-

Name :

Mr. Vinod Jain

Designation :

Director

Address :

MD-25, Pitam Pura, Delhi – 110088, India

Date of Birth/Age :

21.12.1974

Date of Appointment :

26.06.2013

DIN No.:

00759779

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U11202DL2007PLC161726	MAGPPIE CASA LIMITED	09/04/2007	-
U36101DL2013PTC254651	MAGPPIE PROJECTS PRIVATE LIMITED	01/07/2013	-
U52599DL2006PLC152402	MAGPPIE RETAIL LIMITED	24/08/2006	-

Name :

Mr. Sanjay Kumar Khandelwal

Designation :

Director

Address :

C-15, South Extension-I, New Delhi – 110020, India

Date of Appointment :

29.09.2015

DIN No.:

01826326

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U93000HR1989NPL049721	INDIAN STAINLESS STEEL DEVELOPMENT ASSOCIATION	28/09/2010	-
U28112DL2013PTC251828	FABRINOX ARC PRIVATE LIMITED	08/05/2013	-
U36101DL2013PTC254651	MAGPPIE PROJECTS PRIVATE LIMITED	29/09/2015	-

Name :

Ms. Megha Jain

Designation :

Director

Address :

25, Block MD, Pitampura, Delhi – 110088, India

Date of Birth/Age :

10.12.1975

Date of Appointment :

26.06.2013

DIN No.:

03436987

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36101DL2013PTC254651	MAGPPIE PROJECTS PRIVATE LIMITED	01/07/2013	-
U52599DL2006PLC152402	MAGPPIE RETAIL LIMITED	30/09/2011	-

KEY EXECUTIVES

Name :	Mr. K. K. Goyal
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Vinod Jain	1157000	89.00
Sanjay Khandelwal	130000	10.00
Megha Jain	13000	1.00
Total	1300000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

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

BUSINESS DETAILS

Line of Business :

Manufacturer of modular kitchen, modular furniture and home accessories. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	ITC Code
Modular Kitchen and Furniture	76151900

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cheque and Others (NEFT / RTGS)

Purchasing :

Cheque and Others (NEFT / 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 :

End Users

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

No. of Employees :

200 (Approximately)

Bankers :

Banker Name :	Oriental Bank of Commerce
Branch :	Pitampura, Delhi, India
Person Name (With Designation) :	--
Contact Number :	91-11-27347737 (Continuously Ringing)
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
From banks against vehicle	4.164	8.793
Term loan	10.422	15.617
Total	14.586	24.410

Auditors :
Name :	Deepak M. Bansal and Company Chartered Accountants
Address :	131/134, 1^st Floor, B -Wing, Rolex Shopping Centre, Station Road, Opposite Prashant Hotel, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-28765698
Mobile No.:	91-9320981019 / 9920104799
E-Mail :	deepakmbansal@gmail.com
PAN No.:	AEWPB9864M
Membership No.:	114731
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	· Magppie International Limited

CAPITAL STRUCTURE

AS ON 29.09.2017

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
1300000	Equity Shares	INR 10/- each	INR 13.000 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	13.000	13.000	0.100
(b) Reserves & Surplus	10.419	5.513	3.580
(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)	23.419	18.513	3.680
(3) Non-Current Liabilities
(a) Long-term borrowings	23.523	33.351	5.748
(b) Deferred tax liabilities (Net)	1.054	0.449	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)	24.577	33.800	5.748
(4) Current Liabilities
(a) Short term borrowings	71.395	71.790	4.500
(b) Trade payables	34.320	96.517	33.474
(c) Other current liabilities	65.035	55.298	62.245
(d) Short-term provisions	0.900	1.200	4.706
Total Current Liabilities (4)	171.650	224.805	104.925
TOTAL	219.646	277.118	114.353
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.624	52.477	22.855
(ii) Intangible Assets	0.554	0.276	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	0.376
(d) Long-term Loan and Advances	0.000	0.000	0.0.000
(e) Other Non-current assets	7.163	7.237	2.603
Total Non-Current Assets	63.341	59.990	25.834
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	93.835	74.423	41.880
(c) Trade receivables	15.012	76.914	0.720
(d) Cash and cash equivalents	4.286	3.737	2.698
(e) Short-term loans and advances	42.733	62.054	43.210
(f) Other current assets	0.439	0.000	0.011
Total Current Assets	156.305	217.128	88.519
TOTAL	219.646	277.118	114.353

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2017	31.03.2016	31.03.2015
	SALES
			Income	176.583	250.528	101.818
			Other Income	0.463	2.219	0.202
			TOTAL	177.046	252.747	102.020
				[Due to market fluctuation]
Less	EXPENSES
			Cost of Materials Consumed	90.312	188.594	61.802
			Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(19.411)	(32.543)	(17.885)
			Employee Benefits Expenses	37.410	36.448	28.352
			Other Expenses	49.701	48.132	22.387
			TOTAL	158.012	240.631	94.656
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			19.034	12.116	7.364
Less	FINANCIAL EXPENSES			6.162	2.003	0.165
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			12.872	10.113	7.199
Less	DEPRECIATION/ AMORTISATION			6.461	3.656	1.427
	PROFIT/(LOSS) BEFORE TAX			6.411	6.457	5.772
Less	TAX			1.505	2.024	1.967
	PROFIT/(LOSS) AFTER TAX			4.906	4.433	3.805
	IMPORTS
		Raw Materials		13.561	0.000	0.000
	TOTAL IMPORTS			13.561	0.000	0.000
	Earnings / (Loss) Per Share (INR)			3.77	3.40	380.49

Expected Sales (2017-2018): INR 300.000 Million [Due to business growth]

The above information has been parted by Mr. K. K. Goyal (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	9.824	14.756	1.968
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	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)	31.03	112.06	2.58
Account Receivables Turnover (Income / Sundry Debtors)	11.76	3.26	141.41
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	138.71	186.80	197.70
Inventory Turnover (Operating Income / Inventories)	0.20	0.16	0.18
Asset Turnover (Operating Income / Net Fixed Assets)	0.34	0.23	0.32

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.93	0.98	0.99
Debt Equity Ratio (Total Liability / Networth)	4.47	6.48	3.32
Current Liabilities to Networth (Current Liabilities / Net Worth)	7.33	12.14	28.51
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.40	2.85	6.21
Interest Coverage Ratio (PBIT / Financial Charges)	3.09	6.05	44.63

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	2.78	1.77	3.74
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.23	1.60	3.33
Return on Investment (ROI) ((PAT / Networth) * 100)	%	20.95	23.95	103.40

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.91	0.97	0.84
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.36	0.63	0.44
G-Score Ratio Financial (Networth / Total Assets)	0.11	0.07	0.03
G-Score Ratio Debt (Debts / Equity Capital)	8.06	9.22	122.16
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.91	0.97	0.84

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	0.100	13.000	13.000
Reserves & Surplus	3.580	5.513	10.419
Net worth	3.680	18.513	23.419
Long Term borrowings	5.748	33.351	23.523
Short Term borrowings	4.500	71.790	71.395
Current maturities of long term debt	1.968	14.756	9.824
Total borrowings	12.216	119.897	104.742
Debt/Equity ratio	3.320	6.476	4.473

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	101.818	250.528	176.583
		146.055	(29.516)

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	101.818	250.528	176.583
Profit/(Loss)	3.805	4.433	4.906
	3.74%	1.77%	2.78%

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)	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	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

UNSECURED LOANS:

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
From NBFC	8.937	8.941
SHORT TERM BORROWINGS
Loans (Repayable on demand)
Loan from directors	58.895	59.290
Loan from related party	12.500	12.500
Total	80.332	80.731

INDEX OF CHARGES:

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C79179842	10620427	Hero Fincorp Limited	28/12/2015	-	-	20000000.0	34, Community Centre, Basant Lok Vasant Vihar, New Delhi 110057, India
2	G07676612	10590581	Biesse Manufacturing Company Private Limited	27/08/2015	-	11/07/2016	6000000.0	Survey No.32, Khata No.469, Sondekoppa Road, Jakkasandra Village, Nelamangala Taluk Jakkasandra 562123, Karnataka, India
3	C75341040	10468330	Biesse Manufacturing Company Private Limited	12/11/2013	-	04/01/2016	5000000.0	Survey No.32, Khata No.469, Sondekoppa Road, Jakkasandra Village, Nelamangala Taluk Jakkasandra 562123, Karnataka, India

FIXED ASSETS:

Tangible Assets

· Fire Extinguisher

· Furniture and Fixture

· Genset

· Office Equipment

· Plant and Machinery

· Telephone

· Tools and Kit

· Weight Machine

· Motor Vehicle

· Computers

Intangible Assets

· Computer Software

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 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	NIS
Report Prepared by :	NKT

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.