MIRA INFORM REPORT

Report No. :	516156
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	ARTHANARI LOOM CENTRE TEXTILE PRIVATE LIMITED
Registered Office :	78, Sababathi Street, Kalarampatty, Erimapalyalam, Salem - 636015, Tamilnadu
Tel. No.:	91-427-2469951 / 59
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	25.10.1991
CIN No.: [Company Identification No.]	U18101TZ1991PTC003485
Capital Investment / Paid-up Capital :	INR 280.016 Million
IEC No.: [Import-Export Code No.]	3296002111
TIN No.:	33662681051
PAN No.: [Permanent Account No.]	AABCA6496L
GSTN : [Goods & Service Tax Registration No.]	33AABCA6496L1ZD
Legal Form :	Private Limited Liability Company
Line of Business :	· Manufacturer of Fabrics (Registered Activity) · Manufacturer, Exporter of Cotton Fabrics and Importer of Raw Materials (Confirmed by management)
No. of Employees :	600 (Approximately)

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

Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Arthanari Loom Centre Textile Private Limited was incorporated in the year 1991. It is a manufacturer of fabrics. For the financial year 2017, the company has achieved revenue growth of 0.91% as compared to the previous year along with an average profit margin of 3.21%. The sound financial profile of the company is marked by sufficient net worth base along with comfortable debt balance sheet profile. Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters. However, rating gets constrained by working capital intensive nature of operations leading to high reliance on external debt, susceptibility of its operating profitability to fluctuation in raw material prices and the highly fragmented and competitive nature of the industry. Payment seems to be usually correct. In view of aforesaid, the company can be considered 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 (31.12.2017)	Current Rating (01.04.2018)
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	Brickwork
Rating	LONG TERM BANK FACILITIES - BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	21.08.2017

Rating Agency Name	Brickwork
Rating	Short-term bank facilities – A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	21.08.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 22.06.2018

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. Shivkumar
Designation :	Finance Manager
Contact No.:	91-427-2469951
Date :	21.06.2018

LOCATIONS

Registered Office :	78, Sababathi Street, Kalarampatty, Erimapalyalam, Salem - 636015, Tamilnadu, India
Tel. No.:	91-427-2469951 / 59
Fax No.:	91-427-2465896
E-Mail :	accounts@alctex.com
Website :	http://www.alctex.com
Location :	Owned
Locality :	Commercial
Factory 1 :	5/1247, Erumapalayam Main Road, Erumapalayam Post, Salem – 636015, Tamilnadu, India
Tel. No.:	91-427-6542001
Fax No.:	91-427-2263435
Factory 2 :	4/52, Panagadu Road, Erumapalayam Post, Salem – 636015, Tamilnadu, India
Tel. No.:	91-427-6532670

DIRECTORS

As on 31.03.2018

Name :

Arthanari Alagarasan

Designation :

Managing Director

Address :

80-B, Sabapathi Kadu Kalaramapatti, Erumapalayam, Salem – 636015, Tamilnadu, India

Date of Birth/Age :

15.06.1958

Date of Appointment :

25.10.1991

Voter ID No.:

GMV2684272

DIN No.:

00003568

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U17111TZ2010PTC016112	ALAGARASAN SPINNING AND WEAVING MILLS PRIVATE LIMITED	04/06/2010	-
U74900TZ2010PTC016428	SALEM YARN COLORING PARK PRIVATE LIMITED	07/10/2010	-

Name :

Alagarasan Pushpa

Designation :

Managing Director

Address :

80-B, Sabapathi Kadu, Kalarampatti, Erumapalayam, Salem - 636015, Tamilnadu, India

Date of Birth/Age :

22.07.1967

Date of Appointment :

01.04.2009

Voter ID No.:

GMV 2684264

DIN No.:

00003573

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U17111TZ2010PTC016112	ALAGARASAN SPINNING AND WEAVING MILLS PRIVATE LIMITED	04/06/2010	-

Name :

Alagarasan Aadhithya

Designation :

Managing Director

Address :

80-B, Sabapathi Kadu, Salem – 636015, Tamilnadu, India

Date of Birth/Age :

02.12.1992

Qualification :

B.Com

Date of Appointment :

19.07.2013

DIN No.:

06640299

KEY EXECUTIVES

Name :	Mr. Shivkumar
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 29.09.2017

Names of Shareholders	No. of Shares
Arthanari M HUF	770
Alagarasan A	1365804
Pushpa A	617911
Paneerselvam R	200
Aadithya A	743844
Aswathasree A	71636
Total	2800165

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	99.99
Public/Other than promoters (Individual/Hindu Undivided Family – Indian)	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

· Manufacturer of Fabrics (Registered Activity)

· Manufacturer, Exporter of Cotton Fabrics and Importer of Raw Materials (Confirmed by management)

Products / Services :

Item Code No.	Products/Services Description
52084130	Fabrics

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· Sri Lanka

· Bangladesh

Imports :

Products :

Raw Material

Countries :

· Japan

· China

Terms :

Selling :

L/C, Cheque

Purchasing :

L/C, Cheque

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

Manufacturer

Reference :	Indian Design Exports Private Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

· Shahi Exports Private Limited

No. of Employees :

600 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	78/79 CD Building, Park Road, Erode – 638003, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	91-424-2225500
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 :	Management non-cooperative

· State Bank of India, 45, Sathy Road, Commercial Branch, Erode-638003, Tamilnadu, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	602.046	402.729
Short-term borrowings
Working capital loans from banks	613.680	445.488
Total	1215.726	848.217

Auditors :
Name :	JSCV and Company Chartered Accountants
Address :	25 , LIC Colony, Omalur Main Road, Salem-636004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAEFJ2819E
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:	· A. P. Textiles · Aadithya Textiles · Pushpam Textiles · Sree Textiles

CAPITAL STRUCTURE

As on 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	INR 100/- each	INR 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2800165	Equity Shares	INR 100/- each	INR 280.016 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	280.016	280.016	257.616
(b) Reserves and Surplus	391.593	306.492	257.629
(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)	671.609	586.508	515.245
(3) Non-Current Liabilities
(a) long-term borrowings	745.822	519.564	372.752
(b) Deferred tax liabilities (Net)	62.102	37.409	39.274
(c) Other long-term liabilities	0.000	0.000	5.913
(d) long-term provisions	21.116	19.937	22.848
Total Non-current Liabilities (3)	829.040	576.910	440.787
(4) Current Liabilities
(a) Short-term borrowings	613.680	445.488	461.712
(b) Trade payables	206.701	224.743	130.239
(c) Other current liabilities	238.275	121.716	120.045
(d) Short-term provisions	35.000	31.707	26.347
Total Current Liabilities (4)	1093.656	823.654	738.343
TOTAL	2594.305	1987.072	1694.375
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1342.383	918.869	798.490
(ii) Intangible Assets	0.733	1.211	1.520
(iii) Tangible assets capital work-in-progress	14.798	102.671	18.894
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.714	5.065	36.755
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	84.237	85.133	41.999
Total Non-Current Assets	1445.865	1112.949	897.658
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	569.085	413.791	369.831
(c) Trade receivables	416.361	313.480	289.863
(d) Cash and bank balances	93.992	59.994	51.096
(e) Short-term loans and advances	35.009	47.110	39.658
(f) Other current assets	33.993	39.748	46.269
Total Current Assets	1148.440	874.123	796.717
TOTAL	2594.305	1987.072	1694.375

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Revenue from operations	2652.532	2628.619	2269.360
	Other Income	31.084	65.154	39.472
	TOTAL	2683.616	2693.773	2308.832
Less	EXPENSES
	Cost of Materials Consumed	1339.736	1286.302	1192.709
	Purchases of Stock-in-Trade	85.098	147.405	72.344
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(134.631)	5.574	(71.115)
	Employee benefit expense	351.395	276.921	259.660
	CSR expenditure	1.630	1.973	1.225
	Other expenses	658.483	723.220	597.618
	Prior period items	(0.030)	0.029	1.544
	Exceptional items	(4.329)	0.000	(1.746)
	TOTAL	2297.352	2441.424	2052.239
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	386.264	252.349	256.593
Less	FINANCIAL EXPENSES	85.940	67.770	91.542
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	300.324	184.579	165.051
Less/ Add	DEPRECIATION/ AMORTISATION	156.782	109.579	83.985
	PROFIT/ (LOSS) BEFORE TAX	143.542	75.000	81.066
Less	TAX	61.130	29.920	30.755
Add	Share of profit/(Loss) of associates	2.689	3.782	2.947
	PROFIT/ (LOSS) AFTER TAX	85.101	48.862	53.258
	Earnings / (Loss) Per Share (INR)
	Basic	30.00	17.00	21.00
	Diluted	13.00	9.00	5.00

Particulars	31.03.2018
Sales Turnover (Approximately)	2700.000
	(Due to Business Growth)

The above information has been parted by Mr. Shivkumar (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	127.249	62.327	72.472
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	46.018	191.854	106.092

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	57.29	43.53	46.62
Account Receivables Turnover (Income / Sundry Debtors)	6.37	8.39	7.83
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	52.95	57.22	37.58
Inventory Turnover (Operating Income / Inventories)	0.68	0.61	0.69
Asset Turnover (Operating Income / Net Fixed Assets)	0.28	0.25	0.31

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.76	0.71	0.70
Debt Equity Ratio (Total Liability / Networth)	2.21	1.75	1.76
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.63	1.40	1.43
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.02	1.74	1.59
Interest Coverage Ratio (PBIT / Financial Charges)	4.49	3.72	2.80

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.21	1.86	2.35
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.28	2.46	3.14
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.67	8.33	10.34

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.05	1.06	1.08
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.53	0.56	0.58
G-Score Ratio Financial (Networth / Total Assets)	0.26	0.30	0.30
G-Score Ratio Debt (Debts / Equity Capital)	5.31	3.67	3.52
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.05	1.06	1.08

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in 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	257.616	280.016	280.016
Reserves & Surplus	257.629	306.492	391.593
Net worth	515.245	586.508	671.609
long-term borrowings	372.752	519.564	745.822
Short term borrowings	461.712	445.488	613.680
Current maturities of long-term debts	72.472	62.327	127.249
Total borrowings	906.936	1027.379	1486.751
Debt/Equity ratio	1.760	1.752	2.214

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	2269.360	2628.619	2652.532
		15.831	0.910

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	2269.360	2628.619	2652.532
Profit/ (Loss)	53.258	48.862	85.101
	2.35%	1.86%	3.21%

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	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
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 four years	Yes
27]	Reasons for variation <> 20%	Yes
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	Yes
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

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	143.776	116.835
Total	143.776	116.835

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G76947217	100154666	SUNDARAM FINANCE LIMITED	27/12/2017	-	-	2219165.0	21 PATULLOS ROADCHENNAITa600002IN
2	G79470860	100160565	SUNDARAM FINANCE LIMITED	20/12/2017	-	-	1896941.0	21 PATULLOS ROADCHENNAITa600002IN
3	G39564273	100086491	SUNDARAM FINANCE LIMITED	23/12/2016	-	-	1287352.0	21 PATULLOS ROADCHENNAITa600002IN
4	G15668221	100054964	SUNDARAM FINANCE LIMITED	19/08/2016	-	-	17203830.0	21 PATULLOS ROADCHENNAITa600002IN
5	G05089586	10607772	Syndicate Bank	27/10/2015	29/12/2015	-	350000000.0	Fairlands Branch,No. 41 Advaitha Ashram Road,SALEMTN636004IN
6	G80311814	10002651	State Bank of India	29/03/2006	08/02/2018	-	1118400000.0	45, Sathy RoadCommercial BranchErodeTN638003IN
7	B67903955	90003007	ANZ GRINDLAYS BANK PLC	15/10/1996	16/11/2012	10/01/2013	1900000.0	NO.1 HADDOWS ROADCHENNAITN600008IN
8	A77189397	90003481	LAKSHMI GENERAL FINCNCE LTD.	12/11/1999	-	11/01/2010	591500.0	8-H.OMALUR ROADSALEMTN636009IN
9	A76195536	90004324	ICICI BANK LIMITED	05/04/2004	-	18/12/2009	545000.0	OMALUR ROADSALEMTNIN
10	A00698241	90003138	SYNDICATE BANK	25/07/1997	18/04/1998	12/05/2006	0.0	OVERSEAS BRANCH37; WHITES ROADCHENNAITN600018IN

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Computer
• Plant and Machinery

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 68.08
UK Pound	1	INR 89.59
Euro	1	INR 78.83

INFORMATION DETAILS

Information Gathered by :	ARC
Analysis Done by :	PRI
Report Prepared by :	JYTK

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	YES
--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.