MIRA INFORM REPORT

Report No. :	487417
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	KEPLER HEALTHCARE PRIVATE LIMITED
Registered Office :	Block No. 42, B/5, Kanchan Pharma House, Near Ghanshyam Estate, N.H. No. 8, Aslali, Ahmedabad – 382427, Gujarat
Tel. No.:	91-79-30144430
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	11.04.2013
Com. Reg. No.:	04-074440
Capital Investment / Paid-up Capital :	INR 0.980 Million
CIN No.: [Company Identification No.]	U24230GJ2013PTC074440
IEC No.:	Not Applicable (As informed by the management that firm does not have export and import)
GSTIN No.:	24AAFCK1130R1ZH
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCK1130R
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Pharmaceutical Products. [Registered activity and also confirmed by management] Trading, Manufacturing and Selling in all kinds of pharmaceutical healthcare and dealing in all kinds of varieties of pharmaceuticals, basic drugs, drug intermediates. [As per Memorandum of Association]
No. of Employees :	400 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

C

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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Kepler Healthcare Private Limited was incorporated in the year 2013. It is a trader of Pharmaceutical product. For the financial year 2017, the revenue of the company has increased by 39.31% but has incurred operational loss. The moderate financial profile of the company is reflected by negative networth base along with average debt coverage indicators. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on fully and secured trade terms and conditions. Note: Site Visit was conducted at the given address and our executive has successfully traced the subject on the given address. At the premises our executive met Mr. Dhaval Shah (Assistant Manager of Purchase) and he confirmed that subject is situated at the given address. As per our executive’s observation, it is a 1 storey building and entire premises belongs to the subject. Location was easy to find and locality appears to be residential. Area seems to be upmarket. Total area of premises is 2500 (sq. ft.) and 05 employees were sighted at the premises. Name board of the subject was not sighted at the given address.

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 24.01.2018.

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. Dhaval Shah
Designation :	Assistant Manager
Contact No.:	91-9574499945
Date :	23.01.2018

LOCATIONS

Registered Office :	Block No. 42, B/5, Kanchan Pharma House, Near Ghanshyam Estate, N.H. No. 8, Aslali, Ahmedabad – 382427, Gujarat, India
Tel. No.:	91-79-30144430
Mobile No.:	91-9574499945 [Mr. Dhaval Shah]
Fax No.:	Not Available
E-Mail :	info@keplerhealthcare.com
Website :	www.keplerhealthcare.com
Administrative Office :	“PARAS", 7-Vidyanagar Society, Part-Ill, Opposite Vidyanagar School, Usmanpura, Ahmedabad - 380013, Gujarat, India
Area:	2500 Sq. Ft. [As per site visit]
Locality:	Residential [As per site visit]

DIRECTORS

AS ON 31.03.2017

Name :

Ms. Shilpaben Rakeshkumar Shah

Designation :

Director

Address :

7, 'Paras' Vidhyanagar Society, Part-3, Usmanpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

13.08.1968

Date of Appointment :

11.04.2013

DIN No.:

02472021

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230GJ2013PTC074032	KEPLER VET MISSION PRIVATE LIMITED	18/03/2013	-

Name :

Mr. Harpal Bhikhabhai Vala

Designation :

Director

Address :

B-402, Jeevan Dham, Opposite Bimanagar, Satellite Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.06.1967

Date of Appointment :

30.09.2014

DIN No.:

03388863

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900GJ2011PTC065458	BLUEBERRY LIFESCIENCE PRIVATE LIMITED	16/05/2011	-

Name :

Mr. Rushabh Rakeshbhai Shah

Designation :

Director

Address :

7, Paras Vidhyanagar Society, Part – 3, Usmanpura, Ahmedabad – 380013, Gujarat, India 

Date of Birth/Age :

08.02.1994

Date of Appointment :

11.04.2013

DIN No.:

06520319

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230GJ2011PTC067202	LIVEON HEALTHCARE PRIVATE LIMITED	29/09/2017	-
U24230GJ2013PTC074032	KEPLER VET MISSION PRIVATE LIMITED	18/03/2013	-
U74999GJ2017PTC098728	KITZO INSIGHTS PRIVATE LIMITED	17/08/2017	-

KEY EXECUTIVES

Name :	Mr. Dhaval Shah
Designation :	Assistant Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2016

Names of Shareholders	No. of Shares
Kanchanben Bhikhabhai Shah	15823
Shilpaben Rakeshbhai Shah	15823
Rushabh Rakeshbhai Shah	21031
Shital Harpal Vala	20511
Harpal Bhikhabhai Vala	20512
Manish Parikh	1150
Vikash Tanna	1050
Dharmesh Thakkar	700
Santosh Patadia	700
Sunil Advani	700
Total	98000

AS ON 30.09.2016

Equity Share Break up	Percentage
Category
Promoters – [Individual/Hindu Undivided Family – Indian]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• Trading of Pharmaceutical Products. [Registered activity and also confirmed by management]

• Trading, Manufacturing and Selling in all kinds of pharmaceutical healthcare and dealing in all kinds of varieties of pharmaceuticals, basic drugs, drug intermediates. [As per Memorandum of Association]

Products / Services :

ITC Code	Product/ Services Description
99612730	Pharmaceutical products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cheque and NEFT, RTGS

Purchasing :

Cheque and NEFT, RTGS

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Janki Communiation
Name of the Person :	--
Contact No.:	91-9568631912
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark: We have tried to contact several times to the subject company. Number was continuously busy.

Customers :

End Users

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

No. of Employees :

400 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	Mani Nagar, Ahmedabad, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-79-40260412 [Number is Ringing]
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 LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Business Deposit
Kanchan Pharma Private Limited	306.166	246.104
V S Enterprise	0.541	0.541
Grace Pharma	0.540	0.540
Subhashkumaar Sanjay Kumar	0.540	0.540
SHORT TERM BORROWINGS
Axis Bank Limited – Book Overdraft	11.557	5.830
Bank of Baroda	27.320	29.166
Total	346.664	282.721

Auditors :
Name :	Sanjay J Shah and Company Chartered Accountants
Address :	501/502, Abhijeet-1, Nr. Mithakali Six Road, Opposite Bhuj Mercantile Co. Operative, Navrangpura – 380009, Gujarat, India
PAN No.:	ACLFS8171R
Memberships :	Not Available
Collaborators :	Not Available
Associate Concern:	Kanchan Pharma Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	INR 10/- each	INR 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98000	Equity Shares	INR 10/- each	INR 0.980 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.980	0.980	0.980
(b) Reserves & Surplus	(368.996)	(305.016)	(214.131)
(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)	(368.016)	(304.036)	(213.151)
(3) Non-Current Liabilities
(a) long-term borrowings	359.387	273.744	178.308
(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)	359.387	273.744	178.308
(4) Current Liabilities
(a) Short term borrowings	38.877	35.996	43.532
(b) Trade payables	18.401	16.910	20.338
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	11.074	10.345	12.673
Total Current Liabilities (4)	68.352	63.251	76.543
TOTAL	59.723	32.959	41.700
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.308	1.782	3.027
(ii) Intangible Assets	0.700	0.800	0.900
(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)	0.354	0.282	0.144
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.011	0.022	0.032
Total Non-Current Assets	5.373	2.886	4.103
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.082	26.035	14.527
(c) Trade receivables	6.963	3.709	12.057
(d) Cash and cash equivalents	5.025	0.035	10.228
(e) Short-term loans and advances	0.020	0.115	0.571
(f) Other current assets	0.260	0.179	0.214
Total Current Assets	54.350	30.073	37.597
TOTAL	59.723	32.959	41.700

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	298.833	214.498	170.571
	Other Income	0.093	2.705	0.000
	TOTAL	298.926	217.203	170.571
Less	EXPENSES
	Purchases of Stock-in-Trade	123.885	97.464	69.196
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.284)	(11.508)	9.539
	Employees benefits expense	154.069	131.753	140.678
	Other expenses	54.676	58.957	48.332
	TOTAL	322.346	276.666	267.745
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(23.420)	(59.462)	(97.174)
Less	FINANCIAL EXPENSES	39.263	30.288	19.398
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(62.683)	(89.753)	(116.572)
Less	DEPRECIATION/ AMORTISATION	1.369	1.272	2.199
	PROFIT/ (LOSS) BEFORE TAX	(64.052)	(91.023)	(118.771)
Less	TAX	(0.072)	(0.138)	(0.217)
	PROFIT/ (LOSS) AFTER TAX	(63.980)	(90.885)	(118.554)
	Earnings / (Loss) Per Share (INR)
	Basic	(652.85)	(927.40)	(1209.73)
	Diluted	(652.85)	(927.40)	(1209.73)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(41.311)	(67.889)	(76.618)
Net cash flow from operating activities	(41.311)	(67.889)	(76.618)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	8.50	6.31	25.80
Account Receivables Turnover [Income / Sunday Debtors]	42.92	57.83	14.15
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	54.21	63.33	107.28
Inventory Turnover (Operating Income / Inventories)	(0.56)	(2.28)	(6.69)
Asset Turnover (Operating Income / Net Fixed Assets)	(4.68)	(23.03)	(24.75)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	7.16	10.22	6.11
Debt Equity Ratio (Total Liability / Networth)	(1.08)	(1.02)	(1.04)
Current Liabilities to Networth (Current Liabilities / Net Worth)	(0.19)	(0.21)	(0.36)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.01)	(0.01)	(0.02)
Interest Coverage Ratio (PBIT / Financial Charges)	(0.60)	(1.96)	(5.01)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	(21.41)	(42.37)	(69.50)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(107.13)	(275.76)	(284.30)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	17.39	29.89	55.62

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.80	0.48	0.49
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.18	0.06	0.30
G-Score Ratio Financial (Networth / Total Assets)	(6.16)	(9.22)	(5.11)
G-Score Ratio Debt (Debts / Equity Capital)	406.39	316.06	226.37
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.80	0.48	0.49

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	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.980	0.980	0.980
Reserves & Surplus	(214.131)	(305.016)	(368.996)
Net worth	(213.151)	(304.036)	(368.016)
Long Term borrowings	178.308	273.744	359.387
Short Term borrowings	43.532	35.996	38.877
Total borrowings	221.840	309.740	398.264
Debt/Equity ratio	(1.041)	(1.019)	(1.082)

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	170.571	214.498	298.833
		25.753	39.317

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	170.571	214.498	298.833
Profit/ (Loss)	(118.554)	(90.885)	(63.980)
	(69.50%)	(42.37%)	(21.41%)

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	Yes
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	Yes
19	Major customers	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OBSERVATION POINTS

Name of Company :	KEPLER HEALTHCARE PRIVATE LIMITED
Address :	“PARAS", 7-Vidyanagar Society, Part-Ill, Opposite Vidyanagar School, Usmanpura, Ahmedabad - 380013, Gujarat, India
Person to whom we met:	Mr. Dhaval Shah
Designation:	Assistant Manager Purchase
Name Board :	Not Sighted
Location:	Easy
Landmark (If Any):	Vidya Nagar High School
Total Floors of the building:	Ground + 1^st Floor
Subject Situated On:	Whole premises is belongs to the subject company
Locality:	Residential
Area of premises :	2500 Sq. Ft.
Area :	Upmarket
No. of employees seen at premises:	5 (Approximately)
Visibility of Items:	· Telephone · Computers · Telex · Air Conditioner · Office Equipment · Xerox machine
Proof of visit:	Photograph/ Visiting Card

OPERATION:

During the year, the Company has achieved the Total Revenue of INR 298.926 million as compared to the previous year of INR 217.203 million. Against that the Company has incurred Loss of INR (63.980) million compared to the previous year's Loss of INR (90.885) million. The management of the Company is striving harder to increase the performance and earning profit.

UNSECURED LOANS:

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG-TERM BORROWINGS
Loan from Directors	51.600	26.019
Total	51.600	26.019

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C26600114	10524288	BANK OF BARODA	21/08/2014	-	-	40000000.0	UNIVERSITY CAMPUS BRANCH, NAVRANGPURA, AHMEDABAD – 380009, GUJARAT, INDIA

FIXED ASSETS:

Tangible Assets

· Furniture

· Computer

· Office Equipment

· Air Conditioner

· Refrigerator

· CCTV Camera

· Attendance Machine

· Car

· Cooler

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 63.77
UK Pound	1	INR 89.20
Euro	1	INR 78.22

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	VRS
Report Prepared by :	GEET

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.