MIRA INFORM REPORT

Report No. :	488985
Report Date :	30.01.2018

IDENTIFICATION DETAILS

Name :	PROMENS (INDIA) PRIVATE LIMITED (w.e.f. 07.05.2007)
Formerly Known As :	SAEPLAST (INDIA) PRIVATE LIMITED
Registered Office :	Block- B, Office No. 402, Dev Aurum Anandnagar Char Rasta, Prahladnagar Road, Ahmedabad – 380015, Gujarat
Tel. No.:	91-79-40073880
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	08.11.1996
Com. Reg. No.:	04-031114
Capital Investment / Paid-up Capital :	INR 15.000 Million
CIN No.: [Company Identification No.]	U25201GJ1996PTC031114
IEC No.:	Not Available
GSTIN/UIN:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCS1023J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of insulated plastic products and custom moulding parts. [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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is subsidiary of “I Plast Converting Company Limited” Dubai. It is an established company incorporated in the year 1996 having good track. For the financial year ended 2017, the company has witnessed a healthy growth in its revenue and has achieved fair profit margin at 4.61% (approx.) The company possesses sound financial profile marked by healthy net worth base along with negligible debt recorded and favourable gap between trade payables to its trade receivables. Trade relations are reported as fair. Business is active. Payments terms are seems to be regular and as per commitment. In view of strong holding support and sound financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

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 30.01.2018

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 :	Block- B, Office No. 402, Dev Aurum Anandnagar Char Rasta, Prahladnagar Road, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40073880
Fax No.:	91-79-40073885
E-Mail :	santosh.kumar@promens.com
Website:	www.promens.com
Factory:	Survey No.: 1658, Near Indian Gas Godown, Behind Rajpura Bus Stop, Gandhinagar Mansa Road, Mansa – 382845, Gujarat, India
Tel. No.:	91-2763-272873/271833
Fax No.:	91-2763-271168

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Santosh Kumar
Designation :	Director
Address :	C-001 J-9 Appartments Near Aryaman Buglows Shilaj, Ahmedabad -380058, Gujarat, India
Date of Birth/Age :	26.08.1972
Date of Appointment :	31.03.2011
DIN No.:	03499341
Name :	Jishi Santosh Kumar
Designation :	Director
Address :	C-001, J9 Apartments, Near Aryaman Bungalows Shilaj Railway Crossing, Thaltej -Shilaj Road, Ahmedabad -380059, Gujarat, India
Date of Appointment :	17.08.2016
DIN No.:	07518772
Name :	Mr. Jinesh Manian
Designation :	Director
Address :	Jishi Mahal, Edappally South Vennala, Po Ernakulam -682028, Kerala, India
Date of Appointment :	17.08.2016
DIN No.:	07523970

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
I Plast Converting Company Limited	1499999
Santosh Kumar (Registered owner of I Plast Converting Company Limited)	1
Total	1500000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

Category	Percentage
Promoters- Body corporate	99.99993333
Promoters- Others	0.00006667
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of insulated plastic products and custom moulding parts. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
moulding, pressing, stamping, extruding and similar plastic Manufacturing	99892001

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 :	HDFC Bank Limited
Branch :	HDFC Bank House, Senapati Bapat Marg, Lower Parle (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 :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• Axis Bank Limited, "Trishul", Opposite Samartheshwar Mahadev Temple, New Law Garden, Ellisbridge, Ahmedabad - 380009, Gujarat, India

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
From banks	5.858	0.000
SHORT TERM BORROWING
Working capital loan from Bank	24.215	5.238
Total	30.073	5.238

LONG TERM BORROWING

Secured loans is in the from vehicle loans from Axis Bank Limited and HDFC Bank Limited. The loans are secured by first charge over vehicle purchased. The other details are as follows

Name of bank	Interest rate	tenure	Loans I/s Amt	Repayment terms
Axis Bank Limited	9.50%	3 years	0.902	36 EMIS starting from 5^th December, 2016
HDFC Bank Limited	7.85%	4 years	6.600	48 EMIs starting from 5^th May, 2017

SHORT TERM BORROWING

Working capital loan obtained from Axis Bank Limited are secured by first charge over the current assets and fixed assets including land and building situated at survey no 1658, Mansa, Taluka Vansa, Gandhinagar.

Auditors :
Name :	Manubhai and Shah LLP Chartered Accountants
Address :	G-4, Capstone, Opposite Chirag Motors, Sheth Mangaldas Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26470000
Fax No.:	91-79-26470050
E-Mail :	Info@msglobal.co.in
Website:	www.msglobal.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFM2086H
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Promens International B.V. (Up to august 16, 2016) I Plast Converting Company Limited, Dubai (From August 17, 2016)
Fellow subsidiaries / associates:	Promens Asia Limited, HK Promens Asia Limited, Kowloon Promens Aalesund AS Promens Dalvik EHF Promens Saint John INC Promens HF Promens Reykjavik Ehf Saeplast Spain SA Promens Iberia Sa Promens Deventer B V Promens China Holding 1 Limited Saeplast Dalvik EHF Saeplast Canada Saeplast Aisa Saeplast Norway AS

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	INR 10/- each	INR 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	INR 10/- each	INR 15.000 Million

FINANCIAL DATA

[all figures are 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	15.000	15.000	15.000
(b) Reserves & Surplus	53.876	44.789	38.103
(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)	68.876	59.789	53.103
(3) Non-Current Liabilities
(a) long-term borrowings	5.858	0.000	0.041
(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	2.183
Total Non-current Liabilities (3)	5.858	0.000	2.224
(4) Current Liabilities
(a) Short term borrowings	29.718	5.238	21.301
(b) Trade payables	23.821	8.088	11.012
(c) Other current liabilities	11.545	7.078	4.083
(d) Short-term provisions	3.018	2.264	3.160
Total Current Liabilities (4)	68.102	22.668	39.556
TOTAL	142.836	82.457	94.883
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.016	15.948	17.762
(ii) Intangible Assets	1.911	2.278	2.649
(iii) Capital work-in-progress	5.087	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.527	1.319	4.647
(d) Long-term Loan and Advances	14.579	7.869	7.318
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	42.120	27.414	32.376
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47.249	13.828	21.120
(c) Trade receivables	32.235	29.288	24.734
(d) Cash and cash equivalents	13.147	10.118	11.638
(e) Short-term loans and advances	8.085	1.809	5.015
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	100.716	55.043	62.507
TOTAL	142.836	82.457	94.883

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	197.310	141.228	178.332
	Other operating revenue	5.407	4.646	9.321
	Other Income	1.103	4.594	2.653
	TOTAL	203.820	150.468	190.306
Less	EXPENSES
	Cost of Materials Consumed	111.864	54.238	102.373
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(24.460)	6.402	(3.590)
	Employees benefits expense	38.715	34.199	40.490
	Other expenses	55.248	38.197	44.873
	Exceptional items	0.000	0.000	(2.506)
	TOTAL	181.367	133.036	181.640
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	22.453	17.432	8.666
Less	FINANCIAL EXPENSES	2.465	2.686	4.624
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	19.988	14.746	4.042
Less/ Add	DEPRECIATION/ AMORTISATION	4.918	4.127	7.970
	PROFIT/ (LOSS) BEFORE TAX	15.070	10.619	(3.928)
Less	TAX	5.983	3.933	(1.822)
	PROFIT/ (LOSS) AFTER TAX	9.087	6.686	(2.106)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	29.808	39.596	60.201
	TOTAL EARNINGS	29.808	39.596	60.201
	IMPORTS
	Raw Materials	33.939	15.576	53.145
	Components and Stores parts	0.204	0.243	0.076
	Capital Goods	0.000	0.009	0.105
	TOTAL IMPORTS	34.143	15.828	53.326
	Earnings / (Loss) Per Share (INR)	6.06	4.46	(1.40)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	1.644	0.000	0.233
Cash generated from operations	NA	NA	NA
Net cash generated from operating activities	(15.150)	14.678	2.562

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	59.63	75.69	50.62
Account Receivables Turnover (Income / Sundry Debtors)	6.12	4.82	7.21
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	77.73	54.43	39.26
Inventory Turnover (Operating Income / Inventories)	0.48	1.26	0.41
Asset Turnover (Operating Income / Net Fixed Assets)	0.86	0.96	0.42

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.53	0.27	0.42
Debt Equity Ratio (Total Liability / Networth)	0.54	0.09	0.41
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.99	0.38	0.74
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.38	0.30	0.38
Interest Coverage Ratio (PBIT / Financial Charges)	9.11	6.49	1.87

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.61	4.73	(1.18)
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.36	8.11	(2.22)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	13.19	11.18	(3.97)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.48	2.43	1.58
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.79	1.82	1.05
G-Score Ratio Financial (Networth / Total Assets)	0.48	0.73	0.56
G-Score Ratio Debt (Debts / Equity Capital)	2.48	0.35	1.44
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.48	2.43	1.58

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	15.000	15.000	15.000
Reserves & Surplus	38.103	44.789	53.876
Share Application money pending allotment	0.000	0.000	0.000
Net worth	53.103	59.789	68.876
Long Term borrowings	0.041	0.000	5.858
Short Term borrowings	21.301	5.238	29.718
Current Maturities of Long term debt	0.233	0.000	1.644
Total borrowings	21.575	5.238	37.220
Debt/Equity ratio	0.406	0.088	0.540

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	178.332	141.228	197.310
		(20.806)	39.710

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	178.332	141.228	197.310
Profit	(2.106)	6.686	9.087
	(1.18%)	4.73%	4.61%

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	Litigations that the firm/promoter involved in	--
32	Market information	--
33	Payments terms	No
34	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 601, Venus Atlantis Corporate Park, Anandnagar Road, Prahadnagar, Ahmedabad – 380015, Gujarat, India to the present address

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
SHORT TERM BORROWING
Inter corporate loan	5.503	0.000
Total	5.503	0.000

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G68319839	100136885	HDFC BANK LIMITED	28/03/2017	-	-	6600000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PARLE (WEST)MUMBAIMH400013IN
2	G27828078	100063036	AXIS BANK LIMITED	07/11/2016	-	-	1000000.0	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN
3	Y10202653	90112961	ICICI BANK LTD	23/03/2005	-	-	506000.0	11TH FLOOR SAKAR NEHRU BRIDGE CORNERASHRAM ROADAHMEDABADGJIN
4	G50312057	90107896	AXIS BANK LIMITED	23/10/2001	30/06/2017	-	75000000.0	"TRISHUL", OPP SAMARTHESHWAR MAHADEV TEMPLE,NEW LAW GARDEN, ELLISBRIDGE, AHMEDABAD 380009AHMEDABADGJ380009IN
5	C78368602	10163853	AXIS BANK LIMITED	03/06/2009	-	08/02/2016	2500000.0	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN
6	C64100910	90112921	AXIS BANK LIMITED	23/10/2004	-	28/08/2015	9900000.0	SAMARTHESHWAR TEMPLE LOW GARDENELLISPRIDGEASHRAM ROADAHMEDABADGJ380006IN

CONTINGENT LIABILITIES

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
Letter of credit and banks guarantees issued by bankers and outstanding as on March 31, 2017	6.336	8.560
Claims against the company not acknowledge as debts
Income tax dues	5.300	5.300
Capital commitments	2.800	0.000

FIXED ASSETS:

• Land
• Building
• Electrical Fittings
• Furniture and Fixtures
• Office equipment
• Computer
• Vehicles
• Computer Software

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 63.55
UK Pound	1	INR 89.82
Euro	1	INR 78.87

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	KVT

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.