MIRA INFORM REPORT

Report No. :	487782
Report Date :	22.01.2018

IDENTIFICATION DETAILS

Name :	INDIA COKE AND POWER PRIVATE LIMITED
Registered Office :	904, Windfall, Sahar Plaza Complex, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-22-40942513
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	18.03.2010
Com. Reg. No.:	11-201017
Capital Investment / Paid-up Capital :	INR 351.100 Million
CIN No.: [Company Identification No.]	U23200MH2010PTC201017
IEC No.:	Not Divulged
GSTIN No.:	27AACCI2848H1ZI
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCI2848H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of trading in raw materials for steel plants, such as Low Ash Metallurgical Coke, Coking Coal, Ferro Alloys, and Iron Ore etc. (Registered activity and also confirmed by management)
No. of Employees :	50 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. It is engaged in trading in raw materials for steel plants, such as low ash metallurgical coke, coking coal, ferro alloys, and iron ore etc. Management had failed to file its latest financials with Government Registry. As per available financials of March 2016, the company has registered a decent growth in its revenue but has incurred losses. Rating is constrained on account of company’s accumulated previous year’s losses which led to negative reserves and unfavourable gap between its trade payables to its trade receivables. However, rating weakness is partially offset by sound capital base and debt free balance sheet of the company. Payment terms are slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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	INDIA RATING
Rating	Long term rating: BB-
Rating Explanation	Moderate risk of default.
Date	18.09.2017

Rating Agency Name	INDIA RATING
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	18.09.2017

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 22.01.2018

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. Ashish
Designation :	Deputy General Manager
Contact No.:	91-22-40942513
Date:	22.01.2018

LOCATIONS

Registered Office :	904, Windfall, Sahar Plaza Complex, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No. :	91-22-40942500/ 40942513/ 22409425
Fax No. :	91-22-40942520/ 22409425
E-Mail :	sanjay.sinha@imr-resources.com
Location:	Rented
Locality:	Commercial
Branch Office 1:	Z-4 2nd Floor, Shanti Niketan, 13th Street, 5th Avenue, Anna Nagar West, Chennai – 600040, Tamilnadu, India
Branch Office 2:	706-708, Baani The Address, 1 Golf Course Road, Sector-56, Gurugram, Haryana, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Arun Kumar Goenka

Designation :

Director

Address :

703, Meadows Sahar Plaza Complex, Andheri Kurla, Road, Near Kohinoor Continental, Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Birth/Age :

10.06.1957

Date of Appointment :

18.03.2010

DIN No. :

00844069

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U06592MH1997PTC287869	GUNDLUPET FINANCE AND INVESTMENTS PRIVATE LIMITED	22/02/2011	-
U74140WB1984PTC037202	UDIT FINANCIAL AND MANAGEMENT CONSULTANTS PVT LTD	29/04/1987	-
U65923MH1990PTC299559	MUNDHRA FISCAL SERVICES PVT LTD	17/03/2008	-
U67190WB1994PTC062130	AGRIM CREDIT & AGENCY PVT LTD	11/11/1999	-
U67120WB1994PTC062131	MUGDHA FINALEASE PVT. LTD.	27/08/2008	-
U67120WB1994PTC062132	ANG FINANCIAL CONSULTANTS PRIVATE LIMITED	12/05/1997	-
U67120WB1994PTC062123	CHAMAN LEASE & VINIYOG PVT. LTD.	03/05/2008	-
U67120WB1994PTC062128	ANUBHAV CREDIT & VINIYOG PVT. LTD.	16/02/2008	-
U74899DL1988PTC030448	ASK GIRI ASSOCIATES PRIVATE LIMITED	05/04/1991	-
U51900MH2010PTC209673	IMR RESOURCES INDIA PRIVATE LIMITED	01/11/2010	-
U74999WB2012PTC185769	T.S. MINING SOLUTIONS PRIVATE LIMITED	03/11/2015	-

Name :

Mr. Anirudh Misra

Designation :

Director

Address :

Staffords, Northgate, Northwood, Ha 62th, United Kingdom

Date of Birth/Age :

01.01.1965

Date of Appointment :

10.06.2010

DIN No. :

03101359

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51900MH2010PTC209673	IMR RESOURCES INDIA PRIVATE LIMITED	01/11/2010	-

Name :

Mr. Hans Rudolf Wild

Designation :

Director

Address :

Rothusstrasse 21, Hunenberg, Hunenberg, 6331, Switzerland

Date of Birth/Age :

25.06.1956

Date of Appointment :

28.07.2010

DIN No. :

03113155

Name :

Mr. Sanjay Sinha Ramrupprasad

Designation :

Director

Address :

A-1702, Safal Twins, Punjabwadi, Deonar, Mumbai - 400088, Maharashtra, India

Date of Appointment :

19.06.2014

DIN No. :

03517341

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51900MH2010PTC209673	IMR RESOURCES INDIA PRIVATE LIMITED	26/04/2011	-
U74120MH2013PTC240497	IMR PROJECTS PRIVATE LIMITED	23/09/2016	-
U70103MH2016PTC286592	IMR BANARAS PRIVATE LIMITED	06/10/2016	-

KEY EXECTUIVE

Name :	Mr. Ashish
Designation :	Deputy General Manager
Name :	Mr. Amita Haribhau Mhatre
Designation :	Company Secretary
Address :	A-104, Building No. 2, Vajreshwari Complex, Fulpada Road, Virar East -401303, Maharashtra, India
Date of Appointment :	01.02.2017
PAN No.:	AYGPM2758K

MAJOR SHAREHOLDERS

AS ON 31.03.2016

Names of Shareholders	No. of Shares	%age
Arun Kumar Goenka	10000	0.03
Vipram Investment Limited, India	35100000	99.97
Total	35110000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2016

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	0.03
Promoters -Body corporate	99.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of trading in raw materials for steel plants, such as Low Ash Metallurgical Coke, Coking Coal, Ferro Alloys, and Iron Ore etc. (Registered activity and also confirmed by management)

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Coke(Low Ash Metallurgical Coke And Coking Coal)	27040030

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Coal

Countries :

• Indonesia
• South Africa

Terms :

Selling :

Cash, Advance Payment, LC, Cheque and Credit (30 Days)

Purchasing :

Cash, Advance Payment, LC, Cheque and Credit (30 Days)

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 :

Manufacturer

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

No. of Employees :

50 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	Chakala Road, Andheri (East), Mumbai 400009, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	91-22-28213408 (number is 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 :	--

Auditors :
Name :	Hinesh R Doshi and Company Chartered Accountants
Address :	102-A Wing, Rajgir Court, 6, Kohinoor Road, Dadar East, Mumbai -400014, Maharashtra, India
PAN No. :	AACFH3118C
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (AS ON 31.03.2016):	Vipram Investment Limited, India

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	INR 10/- each	INR 500.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35110000	Equity Shares	INR 10/- each	INR 351.100 Million

FINANCIAL DATA

[all figures are 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	351.100	351.100	351.100
(b) Reserves and Surplus	(129.332)	(113.377)	(135.945)
(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)	221.768	237.723	215.155
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	35.000
(b) Trade payables	2523.823	3131.484	1173.280
(c) Other current liabilities	150.065	87.226	10.453
(d) Short-term provisions	0.000	1.925	1.450
Total Current Liabilities (4)	2673.888	3220.635	1220.183
TOTAL	2895.656	3458.358	1435.338
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.527	1.960	3.122
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	3.772	0.000	6.827
(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)	69.362	62.704	63.853
(d) Long-term loans and advances	153.077	102.657	111.770
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	227.738	167.321	185.572
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1221.319	1863.608	56.046
(c) Trade receivables	1364.267	1315.011	351.182
(d) Cash and bank balances	64.052	79.905	804.685
(e) Short-term loans and advances	15.361	26.678	24.117
(f) Other current assets	2.919	5.835	13.736
Total Current Assets	2667.918	3291.037	1249.766
TOTAL	2895.656	3458.358	1435.338

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	9630.979	3666.421	913.692
	Other Income	41.188	54.167	69.485
	TOTAL	9672.167	3720.588	983.177
Less	EXPENSES
	Cost of Materials Consumed	7944.938	3386.175	5.618
	Purchases of Stock-in-Trade	863.759	2022.593	923.242
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	642.289	(1807.562)	(52.802)
	Employee benefit expense	16.678	11.121	13.351
	Other expenses	225.809	73.386	155.004
	TOTAL	9693.473	3685.713	1044.413
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(21.306)	34.875	(61.236)
Less	FINANCIAL EXPENSES	0.467	0.577	0.045
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(21.773)	34.298	(61.281)
Less/ Add	DEPRECIATION/ AMORTISATION	0.841	1.374	1.225
	PROFIT/ (LOSS) BEFORE TAX	(22.614)	32.924	(62.506)
Less	TAX	(6.658)	10.305	(19.145)
	PROFIT/ (LOSS) AFTER TAX	(15.956)	22.619	(43.361)
	IMPORTS
	Traded goods	7822.315	4191.048	82.311
	TOTAL IMPORTS	7822.315	4191.048	82.311
	Earnings / (Loss) Per Share (INR)	0.45	0.64	(1.24)

Particulars	31.03.2017
Sales Turnover (Approximately)	12490.000
	(Due to business growth)

Expected Sales (2017-2018): INR 20000.000 Million

The above information has been parted by Mr. Ashish

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 flows from (used in) operations	(38.326)	(825.104)	(144.008)
Net cash flows from (used in) operating activities	(38.326)	(825.104)	(144.008)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	51.70	130.91	140.29
Account Receivables Turnover (Income / Sundry Debtors)	7.06	2.79	2.60
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	115.95	337.55	76227.70
Inventory Turnover (Operating Income / Inventories)	(0.02)	0.02	(1.09)
Asset Turnover (Operating Income / Net Fixed Assets)	(4.02)	17.79	(6.15)

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.94	0.94	0.88
Debt Equity Ratio (Total Liability / Networth)	0.15	0.15	0.35
Current Liabilities to Networth (Current Liabilities / Net Worth)	12.06	13.55	5.67
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.02	0.01	0.05
Interest Coverage Ratio (PBIT / Financial Charges)	(45.62)	60.44	(1360.80)

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to Total Income ((PAT / Sales) * 100)	%	(0.17)	0.62	(4.75)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.55)	0.65	(3.02)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(7.19)	9.51	(20.15)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.00	1.02	1.02
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.54	0.44	0.98
G-Score Ratio Financial (Networth / Total Assets)	0.08	0.07	0.15
G-Score Ratio Debt (Debts / Equity Capital)	0.10	0.10	0.21
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.00	1.02	1.02

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	351.100	351.100	351.100
Reserves & Surplus	(135.945)	(113.377)	(129.332)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	215.155	237.723	221.768
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	35.000	0.000	0.000
Total borrowings	35.000	0.000	0.000
Debt/Equity ratio	0.163	0.000	0.000

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	913.692	3666.421	9630.979
		301.275	162.681

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	913.692	3666.421	9630.979
Profit/ (Loss)	(43.361)	22.619	(15.956)
	(4.75 %)	0.62 %	(0.17 %)

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)	Yes
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
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	No
26	Turnover of firm for last four 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

INDEX OF CHARGE: NO CHARGES EXISTS FOR COMPANY

CORPORATE INFORMATION

Subject is a private limited company incorporated on 18th March, 2010 under the Companies Act; 1956. The Company is engaged in the business of trading in raw materials for steel plants, such as Low Ash Metallurgical Coke, Coking Coal, Ferro Alloys, and Iron Ore etc.

FIXED ASSETS:

Tangible assets

• Land
• Furniture and fixtures
• Vehicles
• Computer equipments
• Office equipment

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 63.72
UK Pound	1	INR 88.64
Euro	1	INR 78.14

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VIV
Report Prepared by :	KVT

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.