MIRA INFORM REPORT

Report No. :	488285
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	MATRIX FINE SCIENCES PRIVATE LIMITED
Registered Office :	12, Shilp Nagar Railway Station Road, Dr. Dumir Hospital, Aurangabad – 431005, Maharashtra
Tel. No.:	Not Available
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	10.05.2013
Com. Reg. No.:	11-243185
Capital Investment / Paid-up Capital :	INR 10.000 Million
CIN No.: [Company Identification No.]	U24233MH2013PTC243185
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICM5890K
GSTIN :	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers of and Dealers of Chemical and Chemical Products, Chemicals Compounds (Organic and Inorganic), Medicinal Chemical and Botanical Products. (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 :

A

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2013 and it is having satisfactory track. For the financial year 2017, the company has increased its revenue from operation and reported healthy profitability margin of 16.89%. Rating takes into consideration sound financial profile of the company marked by adequate networth base and average debt balance sheet. Further, rating also reflects company’s strong improvement in market position developed under the niche product segment and healthy improvement in the revenue as well profitability profile intensive nature of operations. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	31.05.2017

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 27.01.2018

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 :	12, Shilp Nagar Railway Station Road, Dr. Dumir Hospital, Aurangabad – 431005, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	roc.filing@yahoo.com admin@matrixfinesciences.com info@matrixfinesciences.com sales@matrixfinesciences.com purchase@matrixfinesciences.com accounts@matrixfinesciences.com
Website :	http://matrixfinesciences.com
Factory :	D-8, MIDC Industrial Area, Paithan, Aurangabad-431148, Maharashtra, India
Tel. No.:	91-2431-232901 / 902

DIRECTORS

As on 31.03.2017

Name :

Mr. Madhusudan Laxminarayan Rathi

Designation :

Director

Address :

B 4, Abhimanshree Society, Pashan Road, Pune-411008, Maharashtra, India 

Date of Appointment :

30.08.2014

DIN No.:

00084455

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U28290MH1976PTC019069	RATHI DYE CHEM PRIVATE LIMITED	03/03/2006	-
L29130PN1981PLC023734	Z F STEERING GEAR (INDIA) LIMITED	30/07/2008	-
U51507MH1981PTC023745	TOSHBRO PRIVATE LIMITED	23/01/1981	-
U67200PN1981PTC023979	JAYA HIND INVESTMENTS PRIVATE LIMITED	30/09/2015	-
U25199MH1983PTC030634	RATHI TRANSPOWER PRIVATE LIMITED	01/11/2015	-
U25199MH1983PTC030558	POLYBOND (INDIA) PRIVATE LIMITED	30/07/1999	-
U65910MH1994PTC080140	LOVEJOY FINANCE PRIVATE LIMITED	05/08/1994	-
U31200PN2002PTC017536	RATHI TURBOFLEX PRIVATE LIMITED	26/12/2002	-
U24233MH2013PTC243185	MATRIX FINE SCIENCES PRIVATE LIMITED	30/08/2014	-

Name :

Mr. Ashok Ramkishan Sikchi

Designation :

Director

Address :

Plot No.12, Shilp Nagar, Padampura, Aurangabad-431001, Maharashtra, India 

Date of Appointment :

30.09.2015

DIN No.:

00147629

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100MH1961PTC012038	MARATHWADA CHEMICAL INDUSTRIES PRIVATE LIMITED	01/10/1996	-
U24233MH2013PTC243185	MATRIX FINE SCIENCES PRIVATE LIMITED	30/09/2015	-

Name :

Mr. Ashok Ramnarayan Boob

Designation :

Director

Address :

R2 Tower No.8, Flat No.1001, Amanora Park Town, Magarpatta Road, Hadapsar, Pune - 411028, Maharashtra, India 

Date of Appointment :

30.09.2015

DIN No.:

00410740

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24114PN2003PTC018532	CLEAN SCIENCE AND TECHNOLOGY PRIVATE LIMITED	28/07/2007	-
U24233MH2013PTC243185	MATRIX FINE SCIENCES PRIVATE LIMITED	30/09/2015	-
U74900PN2013PTC149834	CLEAN SCIENCE PRIVATE LIMITED	17/12/2013	-
U74999PN2016NPL166786	CSTPL FOUNDATION	14/10/2016	-

Name :

Mr. Siddhartha Ashokkumar Sikchi

Designation :

Director

Address :

12, Shilp Nagar Railway Station Road, Behind Dr. Dumir Hospital Aurangabad-431005, Maharashtra, India 

Date of Birth/Age :

06.11.1981

Date of Appointment :

10.05.2013

DIN No.:

02351154

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24114PN2003PTC018532	CLEAN SCIENCE AND TECHNOLOGY PRIVATE LIMITED	15/12/2006	-
U24233MH2013PTC243185	MATRIX FINE SCIENCES PRIVATE LIMITED	10/05/2013	-
U74900PN2013PTC149834	CLEAN SCIENCE PRIVATE LIMITED	17/12/2013	-
U74999PN2016NPL166786	CSTPL FOUNDATION	14/10/2016	-

Name :

Mr. Kunal Ashok Sikchi

Designation :

Director

Address :

Plot No.12, Shilp Nagar Padampura, Aurangabad-431001, Maharashtra, India 

Date of Birth/Age :

07.12.1986

Date of Appointment :

10.05.2013

DIN No.:

06513180

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Kunal Ashok Sikchi	280000
Siddhartha Ashokkumar Sikchi	280000
Ashok Sikchi (HUF)	290000
Mamta Rupesh Baheti	80000
Mahesh Labshetwar	70000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	85.00
Public – (Individual/ Hindu Undivided Family – Indian)	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of and Dealers of Chemical and Chemical Products, Chemicals Compounds (Organic and Inorganic), Medicinal Chemical and Botanical Products. (Registered activity)

Products :

Item Code No.	Product Description
29310051	Methyl Ester, Tocopherol Phytopherol
C6	Chemical and chemical products, medicinal chemical and botanical products.

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 :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank Limited, House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
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	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Bank of Maharashtra	0.000	16.414
HDFC Term Loan	46.541	0.000
Short-term borrowings
Bank of Maharashtra – Cash Credit	(0.619)	12.702
Bank of Maharashtra – PCFC	0.000	5.066
HDFC CC A/c	10.960	0.000
HDFC PCFC A/c	15.429	0.000
Total	72.311	34.182

Auditors :
Name :	M B Jaju and Company Chartered Accountants
Address :	4, Prachi Complex, Kokanwadi, Near Padampura Circle, Aurangabad-431005, Maharashtra, India
Mobile No.:	91-8275318792 / 9823058997
E-Mail :	mbjaju@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAUFN8452G
Memberships :	Not Available
Collaborators :	Not Available
Entity in which key management Personnel exercise significant influence :	Clean Science and Technology Private Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	56.668	4.087	(14.638)
(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)	66.668	14.087	(4.638)
(3) Non-Current Liabilities
(a) long-term borrowings	124.061	87.340	66.996
(b) Deferred tax liabilities (Net)	0.293	0.292	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)	124.354	87.632	66.996
(4) Current Liabilities
(a) Short term borrowings	25.770	17.768	20.604
(b) Trade payables	34.440	6.343	6.675
(c) Other current liabilities	47.098	5.766	1.168
(d) Short-term provisions	0.000	0.000	0.000
(e) Advance received from customer	0.061	0.015	0.229
Total Current Liabilities (4)	107.369	29.892	28.676
TOTAL	298.391	131.611	91.034
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	118.234	57.417	58.112
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	118.234	57.417	58.112
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.990	26.132	17.244
(c) Trade receivables	34.844	25.359	1.556
(d) Cash and cash equivalents	1.335	10.664	3.162
(e) Short-term loans and advances	31.887	3.676	0.941
(f) Other current assets	25.101	8.363	10.019
Total Current Assets	180.157	74.194	32.922
TOTAL	298.391	131.611	91.034

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	311.311	90.259	16.252
	Other Income	3.466	1.221	0.270
	TOTAL	314.777	91.480	16.522
Less	EXPENSES
	Cost of Materials Consumed	156.627	24.460	20.684
	Direct Expense	39.759	13.351	8.143
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(44.931)	(1.793)	(16.336)
	Employees benefits expense	32.418	8.122	4.243
	Other expenses	22.308	8.150	5.607
	TOTAL	206.181	52.290	22.341
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	108.596	39.190	(5.819)
Less	FINANCIAL EXPENSES	13.413	11.433	4.443
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	95.183	27.757	(10.262)
Less/ Add	DEPRECIATION/ AMORTISATION	16.704	7.231	13.376
	PROFIT/ (LOSS) BEFORE TAX	78.479	20.526	(23.638)
Less	TAX	25.898	1.509	0.000
	PROFIT/ (LOSS) AFTER TAX	52.581	19.017	(23.638)
	Earnings / (Loss) Per Share (INR)	52.58	19.02	(23.64)

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	NA	NA	NA
Net cash flow from operating activity	23.468	(3.850)	(32.807)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	40.85	102.55	34.95
Account Receivables Turnover (Income / Sundry Debtors)	8.93	3.56	10.44
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	80.26	94.65	117.79
Inventory Turnover (Operating Income / Inventories)	1.25	1.50	(0.34)
Asset Turnover (Operating Income / Net Fixed Assets)	0.92	0.68	(0.10)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.78	0.89	1.05
Debt Equity Ratio (Total Liability / Networth)	2.25	7.46	(18.89)
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.61	2.12	(6.18)
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.77	4.08	(12.53)
Interest Coverage Ratio (PBIT / Financial Charges)	8.10	3.43	(1.31)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	16.89	21.07	(145.45)
Return on Total Assets ((PAT / Total Assets) * 100)	%	17.62	14.45	(25.97)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	78.87	135.00	509.66

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.68	2.48	1.15
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.87	1.61	0.55
G-Score Ratio Financial (Networth / Total Assets)	0.22	0.11	(0.05)
G-Score Ratio Debt (Debts / Equity Capital)	14.98	10.51	8.76
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.68	2.48	1.15

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	10.000	10.000	10.000
Reserves & Surplus	(14.638)	4.087	56.668
Net worth	(4.638)	14.087	66.668
Long Term borrowings	66.996	87.340	124.061
Short Term borrowings	20.604	17.768	25.770
Total borrowings	87.600	105.108	149.831
Debt/Equity ratio	(18.887)	7.461	2.247

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	16.252	90.259	311.311
		455.372	244.909

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	16.252	90.259	311.311
Profit / (Loss)	(23.638)	19.017	52.581
	(145.45%)	21.07%	16.89%

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	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	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

STATE OF AFFAIRS OF THE COMPANY

During the year 2016-17, the company has reported total revenue amounting to INR 314.777 Million including other income earned during the year and has earned a net profit of INR 52.581 Million.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans from Directors and Relatives
Asha A. Sikchi	1.243	1.121
Ashok R. Sikchi (HUF)	20.429	18.666
Ashok R Sikchi	16.536	15.222
Kunal Sikchi	2.682	2.420
Matrix Universal	17.427	15.728
Nandita Sikchi	0.682	0.617
Siddharth Sikchi	18.521	17.152
Total	77.520	70.926

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G74248840	100052282	HDFC BANK LIMITED	22/07/2016	27/12/2017	-	250000000.0	HDFC Bank Limited, House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
2	G10242097	10484034	BANK OF MAHARASHTRA	21/01/2014	-	24/08/2016	60000000.0	Kranti Chowk, J.M. Gandhi Building, Adalat Road, Aurangabad – 431005, Maharashtra, India

FIXED ASSETS

• Computers
• Electrical Installation
• Factory Building MIDC
• Fire fighting
• Furniture and Fixture
• Lease Land
• Plant and Machinery
• Effluent treatment plant
• Office Equipment
• EPABX
• Vehicle

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 records 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 63.64
UK Pound	1	INR 89.32
Euro	1	INR 78.45

INFORMATION DETAILS

Analysis Done by :	PRS
Report Prepared by :	KJL

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.