MIRA INFORM REPORT

Report No. :	486391
Report Date :	15.01.2018

IDENTIFICATION DETAILS

Name :	LF LOGISTICS (INDIA) PRIVATE LIMITED (w.e.f. 17.08.2012)
Formerly Known As :	IDS INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	226, Tribhuvan Complex, Ishwar Nagar, Friends Colony(West), New Delhi - 110065
Tel. No.:	91-11-99926900
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	13.01.2010
Com. Reg. No.:	55-197924
Capital Investment / Paid-up Capital :	INR 15.000 Million
CIN No.: [Company Identification No.]	U63000DL2010FTC197924
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTIN :	Not Divulged
PAN No.: [Permanent Account No.]	AACCI2076B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in the business of and services related to logistics and supply chain management. The company has also entered into domestic trading of garments and other accessories. (Registered activity)
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 :

A

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. It is engaged in providing logistics and supply chain management services. Management has failed to file its financials with the Registrar of Companies for the FY 2017. For the financial year 2016, the company has achieved revenue growth of 34.78% as compared to the previous year along with an average profit margin of 2.84%. The satisfactory financial risk profile of the company is marked by sufficient net worth base along with low debt balance sheet profile. Payments are reported 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 (30.06.2017)	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

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 15.01.2018

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 DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-124-4818000

LOCATIONS

Registered Office :	226, Tribhuvan Complex, Ishwar Nagar, Friends Colony(West), New Delhi – 110065, India
Tel. No.:	91-11-66626900 / 4818888
Fax No.:	Not Available
E-Mail :	nareshsharma@lifung.com lflinfo@lflogistics.com
Website :	www.lifung.com
Headquarters :	2/F, S.P. Info City, Tower B, 243 Udyog Vihar, Phase I, Gurugram - 122016, Haryana, India
Tel. No.:	91-124-4818082
E-Mail :	ShantanuKochar@LFLogistics.com lflfreightindia@lflogistics.com
Headquarters :	Address: 2/F, S.P. Info City, Tower B, 243 Udyog Vihar, Phase I, Gurugram - 122016, Haryana, India Tel. No:91-124-4818082 Email: ShantanuKochar@LFLogistics.com lflfreightindia@lflogistics.com Also Located at: Bangladesh Cambodia China Guatemala Hong Kong Indonesia Korea Malaysia Pakistan Philippines Portugal Singapore Taiwan Thailand Turkey UK USA Vietnam

DIRECTORS

As on 31.03.2017

Name :

Ms. Deepika Rana

Designation :

Director

Address :

GVA 16 Palm Springs Opposite, IBIS Hotel, Sector – 54, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

23.08.1961

Date of Appointment :

30.09.2012

DIN No.:

02030980

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909DL2010FTC210137	DEFINITIVE SOURCING (INDIA) PRIVATE LIMITED	03/11/2010	-
U74899DL1995PTC074940	L I AND FUNG INDIA PRIVATE LIMITED	09/06/2014	-

Name :

Mr. Ramamurthy Mani

Designation :

Director

Address :

F 2, Jians Wingate Gardens, 1^st Cross Street, Seethammal Colony, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

15.04.1963

Date of Appointment :

30.09.2012

DIN No.:

05293092

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909DL2010FTC210137	DEFINITIVE SOURCING (INDIA) PRIVATE LIMITED	10/01/2017	-
U74140DL2008FTC179245	LF (1937) MANAGEMENT INDIA PRIVATE LIMITED	30/06/2012	-
U74899DL1995PTC074940	L I AND FUNG INDIA PRIVATE LIMITED	30/03/2017	-

Name :

Mr. Rajesh Vardichand Ranavat

Designation :

Additional Director

Address :

FL-401, 0000FP-259, SN-128 FP-1+2A, Queens Court, Boat Club Road, Pune -411001, Maharashtra, India

Date of Appointment :

12.10.2016

DIN No.:

02157122

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45400MH2011PTC224924	FUTURE TRADE MARKETS PRIVATE LIMITED	19/03/2012	-
U70102KA2007PLC044240	SATTVA REALTORS LIMITED	19/03/2012	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders	No. of Shares	%age
IDS Group Limited, Tortola	1000000	66.67
LF Logistics Management Limited, Hong Kong	500000	33.33
Total	1500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in the business of and services related to logistics and supply chain management. The company has also entered into domestic trading of garments and other accessories. (Registered activity)

Products :

Item Code No.	Product Description
52292	Logistics and Transportation Management Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Short-term borrowings
Book Overdraft	3.904	0.000
Total	3.904	0.000

Auditors :
Name :	Vaish and Associates Chartered Accountants
Address :	219, South Extension Plaza-II, South Extension-II, New Delhi – 110049, India
Tel. No.:	91-11-47334300
Fax No.:	91-11-47334333
E-Mail :	info@vaishassociates.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFV6388B
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	IDS Group Limited, British Virgin Islands - (No transaction)
Ultimate Holding Company:	LI and Fung Limited - (No transaction)
Fellow Subsidiaries :	LF Freight HK Limited. (formerly known as IDS Logistics International Limited -Hong Kong) LF Logistics UK Limited. (Formerly known as IDS Logistics U.K Limited.) LF Logistics Services Pte Limited. (formerly known as IDS Logistics- Singapore) LF Logistics Pakistan (P) Limited.(formerly known as IDS Internationai Pakistan (P) Limited) LF Logistics Vietnam LF Logistics Management Limited. (Formerly known as IDS Logistics Management Limited.) LF Freight USA LLC DBA (formerly known as IDS Freight Services LLC-USA) LI and Fung (India) Private Limited. LF Logistics (China) Co. Limited (formerly known as IDS International (Shanghai) Co.) LF Logistics (Thailand) Limited (formerly known as IDS International (Thailand) Limited) LF Logistics Services (M) Sdn Bhd LF Products PTE. Limited LF Products-Home\Gsk Division LF Celjtennial Services (Hk) Limited LF Freight West LLC LF Logistics (Bangladesh) Limited LF Europe(Germany) Gmbh/Logistics TVM Europe Gmbh Miles Fashion Gmbh Agi Logistics (S) PTE Limited (No transaction) W.S Trading Limited Texnorte Industrial Limited Lf Logistics Korea LI and Fung (Trading) Limited International Sources Trading Limited

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	INR 10/- each	INR 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	INR 10/- each	INR 15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	27.646	19.695	7.687
(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)	42.646	34.695	22.687
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	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	4.674	3.828	2.257
Total Non-current Liabilities (3)	4.674	3.828	2.257
(4) Current Liabilities
(a) Short term borrowings	3.904	0.000	0.000
(b) Trade payables	15.925	23.553	10.764
(c) Other current liabilities	4.905	12.578	5.531
(d) Short-term provisions	2.627	0.763	0.275
Total Current Liabilities (4)	27.361	36.894	16.570
TOTAL	74.681	75.417	41.514
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.858	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.030
(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)	1.621	2.061	3.510
(d) Long-term Loan and Advances	7.676	5.284	0.162
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10.155	7.345	3.702
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	58.561	33.108	23.543
(d) Cash and cash equivalents	0.603	31.317	13.039
(e) Short-term loans and advances	5.362	3.647	1.230
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	64.526	68.072	37.812
TOTAL	74.681	75.417	41.514

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	280.178	207.878	137.618
	Other Income	0.787	3.286	2.146
	TOTAL	280.965	211.164	139.764
Less	EXPENSES
	Cost of Materials Consumed	226.703	154.377	91.251
	Purchases of Stock-in-Trade	2.308	17.583	23.322
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	26.081	14.236	9.793
	Other expenses	12.537	7.142	4.893
	TOTAL	267.629	193.338	129.259
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.336	17.826	10.505
Less	FINANCIAL EXPENSES	0.000	0.000	0.319
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	13.336	17.826	10.186
Less/ Add	DEPRECIATION/ AMORTISATION	0.138	0.028	0.464
	PROFIT/ (LOSS) BEFORE TAX	13.198	17.798	9.722
Less	TAX	5.248	5.788	3.010
	PROFIT/ (LOSS) AFTER TAX	7.950	12.010	6.712
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	19.696	7.688	0.976
	Adjustment for depreciation	0.000	0.002	0.000
	Balance Carried to the B/S	27.646	19.696	7.688
	EARNINGS IN FOREIGN CURRENCY
	Service Income	104.994	92.242	55.256
	TOTAL EARNINGS	104.994	92.242	55.256
	Earnings / (Loss) Per Share (INR)	5.30	8.01	4.47

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	(23.474)	27.347	9.022
Net cash flow from operating activity	(29.894)	18.107	5.536

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	76.29	58.13	62.44
Account Receivables Turnover (Income / Sundry Debtors)	4.78	6.28	5.85
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	25.38	49.99	34.29
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	15.54	0.00	350.17

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.37	0.49	0.40
Debt Equity Ratio (Total Liability / Networth)	0.09	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.64	1.06	0.73
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.02	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	32.93

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	2.84	5.78	4.88
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.65	15.92	16.17
Return on Investment (ROI) ((PAT / Networth) * 100)	%	18.64	34.62	29.59

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	2.36	1.85	2.28
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.36	1.85	2.28
G-Score Ratio Financial (Networth / Total Assets)	0.57	0.46	0.55
G-Score Ratio Debt (Debts / Equity Capital)	0.26	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.36	1.85	2.28

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	15.000	15.000	15.000
Reserves & Surplus	7.687	19.695	27.646
Net worth	22.687	34.695	42.646
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	3.904
Total borrowings	0.000	0.000	3.904
Debt/Equity ratio	0.000	0.000	0.092

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	137.618	207.878	280.178
		51.054	34.780

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	137.618	207.878	280.178
Profit	6.712	12.010	7.950
	4.88%	5.78%	2.84%

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	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%	--
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

Subject was incorporated as IDS International (India) Private Limited on January 13, 20 10. The name of the company was changed to LF Logistics India Private Limited w.e.f August 17, 20 12. The Company is primarily engaged in the business of and services related to logistics and supply chain management. The company has also entered into domestic trading of garments and other accessories with effect from financial year 2011-12.

FINANCIAL RESULTS AND OPERATIONS

The Company continued its business activity in the field of logistics and transportation management services with its group companies and unrelated parties.

Though the revenue from operations were higher by approx. 26% as compared to the revenue recorded during the previous year, but due to increase in operating costs, the profit of the Company declined by approx. by 26%. After providing for applicable taxes, net profit amounting to INR 7.95 mn has been carried forward in the Balance Sheet.

To preserve resources for expansion, there is no recommendation for payment of dividend and further no profits have been recommended to be transferred to reserves in the financial statements.

There have been no material changes or commitments between the end of the financial year and the date hereof, which may affect the financial position of the Company.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CONTINGENT LIABILITIES:

a. The company has set - off its receivables and payables to foreign entities against its service charges, purchases and sales including sharing of margin and reimbursements. Any liability which may arise due to non compliance of provision of Foreign Exchange Management Act, 1999 cannot be quantified as at the balance sheet date. In the opinion of the board, no liability will arise since this practice is being followed from long time in this trade. However, any liability if arises shall be accounted for in the year of final disposal of cases by the concerned authorities.

b. The Company has not obtained and filed tax audit report with in specified period for A.Y. 2012-13 , 2013-14, 2014-15 and 201516 also did not filed income tax returns with in specified period for A.Y. 2012-13, 2013- I4 & 20 14-15. In the opinion of Board any liability which may arise for the same shall be adjusted in the year of final disposal of case by concerned authorities.

c. The company has not complied with the provisions of The Companies Act, 1956 for holding Annual General Meetings (AGM) and filing of forms and financial statements upto FY 2013-14 with in stipulated period. Any liability on account of non-compliance for holding of AGM and non- filing of required documents and forms cannot not be ascertained as at balance sheet date. In the opinion of the board it will be provided in the period in which liability will arise.

d. The service tax returns filed by the Company are not matching with the books of accounts and therefore any liability, if arises cannot be quantified. In the opinion of the board, any liability if arises shall be accounted for in the year of final disposal of cases by the concerned authorities.

FIXED ASSETS

• Computer
• Office equipment
• Furniture and Fixture

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 63.41
UK Pound	1	INR 87.17
Euro	1	INR 77.44

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	PRY
Report Prepared by :	SUJ

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.