MIRA INFORM REPORT

Report No. :	487899
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	VISA MINMETAL LIMITED (w.e.f.17.02.2010)
Formerly Known As :	VISA INVESTMENT LIMITED
Registered Office :	8/10 Alipore Road, Kolkata – 700027, West Bengal
Tel. No.:	91-33-30119000
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	23.11.2009
Com. Reg. No.:	21-139648
Capital Investment / Paid-up Capital :	INR 517.972 Million
CIN No.: [Company Identification No.]	U51102WB2009PLC139648
IEC No.:	Not Available
GSTIN/UIN:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCV1426H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading business in all commodities and specially in minerals and metals and for providing consultancy services on development of markets for various raw materials, minerals, metals etc. (Registered Activity)
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of “Visa Group Family Foundation” incorporated in the year 2009. As per the available financials of March 2017, the company has achieved revenue of INR 2,602.86 in its first year of business operation as it has started its commercial activity from FY-2017 along with decent profit margin during the year. However, the company possesses moderate financial risk profile marked by negative reserve level due to previous year accumulated losses. Rating further gets constrained by the cyclicality inherent in the steel industry and regulatory risks related to the mining sector. Offsetting these weakness, the company business risk profile is expected to benefit over the years on account of its extensive experience of the promoters in mineral industry. Payments are reported to be 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	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 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.

LOCATIONS

Registered Office :	8/10 Alipore Road, Kolkata – 700027, West Bengal, India
Tel. No.:	91-33-30119000
Fax No.:	91-33-30119001
E-Mail :	secretarial@visa-group.com viscal@visa-group.com
Website :	http://www.visa-group.com

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Satish Kapur

Designation :

Director

Address :

4, Jamadar Khan Lane, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

27.01.1945

Qualification :

Professional

Date of Appointment :

23.03.2015

PAN No.:

AFUPK1539F

DIN No.:

00051163

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909WB2010PTC142802	VERTEX PAPERBOARD MARKETING PRIVATE LIMITED	01/03/2010	-
U21098MH2010PTC200293	VAIKUNT PAPERBOARD PRIVATE LIMITED	20/02/2010	-
U74900WB2007PLC118834	VISA INFRASTRUCTURE LIMITED	25/03/2015	-
U22222MH2006PTC158689	VANTAGE PAPERBOARD PRIVATE LIMITED	06/01/2006	-
U21093WB2005PTC103947	OSPAK CYFOX PAPER CO. PRIVATE LIMITED	01/12/2005	-
U51109WB1998PLC086454	VISA INTERNATIONAL LIMITED	30/03/2015	-
U93000WB1998PLC086303	HINDUSTHAN ENGINEERING & INDUSTRIES LIMITED	29/06/2006	-
U31300WB1993PLC059084	FORT GLOSTER ELECTRIC LIMITED	30/06/2017	-
U65993WB1982PTC034589	HELLES INVESTMENTS PVT LTD	24/12/1982	-
L65993WB1979PLC032394	LUDLOW JUTE & SPECIALITIES LIMITED	27/08/2009	-
L24119WB1962PLC218608	JAYSHREE CHEMICALS LIMITED	27/03/2006	-
U51900MH1985PTC037694	TRILING MARKETING PRIVATE LIMITED	09/10/1985	-

Name :

Mr. Vishambhar Saran

Designation :

Director

Address :

VISA House, 10^th Floor 8/10, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Appointment :

15.09.2016

DIN No.:

00121501

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40108WB2012PLC210199	VISA ENERGY VENTURES LIMITED	30/03/2012	-
U52110WB2006PLC111091	VISA RESOURCES INDIA LIMITED	05/09/2006	-
U27100OR2012PLC015729	VISA SPECIAL STEEL LIMITED	27/07/2012	-
U27101OR2008PLC009790	VISA BAO LIMITED	01/02/2008	-
U74900WB2007PLC118834	VISA INFRASTRUCTURE LIMITED	19/09/2007	-
U40101WB2005PLC105797	VISA POWER LIMITED	05/10/2005	-
U51109WB1998PLC086454	VISA INTERNATIONAL LIMITED	03/02/1998	-
L51109OR1996PLC004601	VISA STEEL LIMITED	15/12/2010	-

Name :

Mrs. Saroj Agarwal

Designation :

Director

Address :

VISA House, 10th Floor 8/10, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

12.02.1949

Qualification :

Bachelor of Arts

Date of Appointment :

23.11.2009

PAN No.:

AGMPA2407K

DIN No.:

00121666

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109WB1998PLC086454	VISA INTERNATIONAL LIMITED	15/03/2009	-
U13100WB2000PTC092731	FAR EAST METALS PRIVATE LIMITED	20/12/2000	-
U14219WB2000PTC092724	SOUTH EAST MINERALS PRIVATE LIMITED	19/12/2000	-
U14219WB2001PTC092843	FAR EAST MINERALS PRIVATE LIMITED	05/02/2001	-
U74900WB2007PLC118834	VISA INFRASTRUCTURE LIMITED	30/03/2010	-
U70200WB2009PLC132821	VISA REALTY LIMITED	17/02/2009	-
U01100WB2011PLC160313	VISA AGROIND LIMITED	27/09/2017	-

Name :

Mr. Satish Kumar Dhall

Designation :

Director

Address :

Third Floor, 32K, New Road, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

15.04.1945

Qualification :

Professional

Date of Appointment :

23.03.2015

PAN No.:

ABZPD8660M

DIN No.:

02205663

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109WB1998PLC086454	VISA INTERNATIONAL LIMITED	30/03/2015	-
U74900WB2007PLC118834	VISA INFRASTRUCTURE LIMITED	25/03/2015	-
U55101WB2010PLC144874	VISA URBAN INFRA LIMITED	26/03/2015	-
U74900WB2012PTC188015	SATREENA CONSULTANTS PRIVATE LIMITED	06/11/2012	-

Name :

Mr. Ranjan Kumar Jindal

Designation :

Director

Address :

Flat 4B, Block Chitra, Duke Residency, 13 Chanditalla Lane, Kolkata – 700040, West Bengal, India

Date of Appointment :

15.09.2016

DIN No.:

07259246

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26941WB2007PLC118636	VISA CEMENT LIMITED	29/09/2016	-
U40101WB2011PLC160256	VISA POWER TRADING COMPANY LIMITED	26/09/2015	-
U70101OR2016PTC019839	BRANDMART DEVELOPERS PRIVATE LIMITED	28/01/2016	-

KEY EXECUTIVES

Name :	Surinder Kumar Singhal
Designation :	Chief Financial and Operating Officer
Address :	2/2 A Aasha Apartment, 93 Despran, Sasmal Road, Tollygunge – 700033, West Bengal, India
Date of Appointment :	21.09.2017
PAN No.:	AIGPK5659M
Name :	Pooja Chatterjee
Designation :	Company Secretary
Address :	548 Parnasree, 2^nd Floor, Kolkata – 700060, West Bengal, India
Date of Appointment :	16.03.2017
PAN No.:	AVBPC9268J

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Equity Shareholders	No. of Shares
Visa Group Family Foundation	514400
Saroj Agarwal Jointly with Vishal Agarwal and Vikas Agarwal	100
Saroj Agarwal	100
Saroj Agarwal Jointly with Vishal Agarwal	100
Saroj Agarwal Jointly with Vikas Agarwal	100
Vivek Agarwal	100
Saroj Agarwal Jointly with Vishambhar Saran	100
Total	515000

Names of Preference Shareholders	No. of Shares
Visa International Limited	3628220
Visa Realty Limited	1500000
Total	5128220

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	0.10
Promoters- Foreign National	0.02
Promoters- Others	99.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading business in all commodities and specially in minerals and metals and for providing consultancy services on development of markets for various raw materials, minerals, metals etc. (Registered Activity)

Products / Services :

Description of products	NIC Code
High Carbon Ferro Chrome	72024100
Steam Coal	27011920
Cooking Coal	27011910
Coke	27030090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name :	Not Available
Branch :
Person Name (With Designation) :	--
Contact Number :	--
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 :	L. B. Jha and Company Chartered Accountants
Address :	B2/1, Gillander House, 8, N. S. Road, Kolkata – 700001, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFL0464G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	· VISA Group Family Foundation · VISA Infrastructure Limited - [U74900WB2007PLC118834] · VISA Agroind Limited · VISA International Limited · VISA Realty Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
520000	Equity Shares	INR 10/- each	INR 5.200 Million
5150000	Preference Shares	INR 100/- each	INR 515.000 Million
	Total		INR 520.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
515000	Equity Shares	INR 10/- each	INR 5.150 Million
5128220	Preference Shares	INR 100/- each	INR 512.822 Million
	Total		INR 517.972 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	517.972	517.972	517.972
(b) Reserves and Surplus	(404.750)	(518.056)	(6.442)
(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)	113.222	(0.084)	511.530
(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	0.100	0.000
(b) Trade payables	633.806	0.000	0.000
(c) Other current liabilities	44.406	0.015	0.014
(d) Short-term provisions	0.028	0.000	0.000
Total Current Liabilities (4)	678.240	0.115	0.014
TOTAL	791.462	0.031	511.544
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets 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	511.515
(c) Deferred tax assets (net)	105.409	0.000	0.000
(d) Long-term loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	105.409	0.000	511.515
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	117.378	0.000	0.000
(c) Trade receivables	483.114	0.000	0.000
(d) Cash and bank balances	44.302	0.023	0.029
(e) Short-term loans and advances	0.111	0.008	0.000
(f) Other current assets	41.148	0.000	0.000
Total Current Assets	686.053	0.031	0.029
TOTAL	791.462	0.031	511.544

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2651.954	0.000	0.000
	Other Income	0.000	0.000	0.000
	TOTAL	2651.954	0.000	0.000
Less	EXPENSES
	Purchases of Stock-in-Trade	2703.115	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(117.378)	0.000	0.000
	Employee benefit expense	0.917	0.000	0.000
	Other expenses	53.194	0.098	0.032
	Exceptional items before tax	0.000	511.515	0.000
	TOTAL	2639.848	511.613	0.032
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12.106	(511.613)	(0.032)
Less	FINANCIAL EXPENSES	0.429	0.001	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.677	(511.614)	(0.032)
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	11.677	(511.614)	(0.032)
Less	TAX	(101.629)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	113.306	(511.614)	(0.032)
	Earnings / (Loss) Per Share (INR)	20.078	(90.660)	(32000.000)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	48.058	(511.520)	(0.035)
Net cash flows from (used in) operations	44.279	(0.005)	(0.035)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	66.49	0.00	0.00
Account Receivables Turnover (Income / Sundry Debtors)	5.49	0.00	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	85.58	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.10	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.00	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.86	3.71	0.00
Debt Equity Ratio (Total Liability / Networth)	0.00	(1.19)	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	5.99	(1.37)	0.00
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	28.22	(511613.00)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.27	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	14.32	(1650367.74)	(0.01)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	100.07	609064.29	(0.01)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.01	0.27	2.07
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.84	0.27	2.07
G-Score Ratio Financial (Networth / Total Assets)	0.14	(2.71)	1.00
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.01	0.27	2.07

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	517.972	517.972	517.972
Reserves & Surplus	(6.442)	(518.056)	(404.750)
Net worth	511.530	(0.084)	113.222
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.100	0.000
Total borrowings	0.000	0.100	0.000
Debt/Equity ratio	0.000	(1.190)	0.000

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	No
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	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	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

General Information

The company was incorporated on 23 November 2009, as a Public Limited Company with its registered office at Kolkata, for the purpose of carrying on trading business in all commodities and specially in minerals and metals and for providing consultancy services on development of markets for various raw materials, minerals, metals etc.

Operations and State of Affairs of the Company

During the period the Company had total revenue of INR 2651.900 Million from Operations of domestic sale of imported Coal and Coke and export of Ferro Chrome and earned a profit of INR 11.700 Million as compared to a loss of INR 511.600 Million during the financial year 2015-16.

Future Outlook

The Company intends to expand its operational base by enhancing volumes in trading of Coal and Coke. The Company has initiated export of Steel to various countries. Further, the Company has acquired plots at Paradip Port so as to cater to the needs of its customers on “Stock & Sales” basis. Dividend Your Directors did not recommend any dividend for the financial year 2016-17.

UNSECURED LOANS:

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Loans and advances from relate parties	0.000	0.100
Total	0.000	0.100

INDEX OF CHARGE: No Charges Exists for Company

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 78.21

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	NKTS

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)

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