MIRA INFORM REPORT

Report No. :	517381
Report Date :	28.06.2018

IDENTIFICATION DETAILS

Name :	NCR CORPORATION INDIA PRIVATE LIMITED
Registered Office :	“Nioton” Building, 3^rd Floor,11 Palace Road, Bangalore – 560052, Karnataka
Tel. No.:	91-80-30786900
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	19.04.1996
CIN No.: [Company Identification No.]	U28111KA1996PTC020333
Capital Investment / Paid-up Capital :	INR 2758.000 Million
IEC No.: [Import-Export Code No.]	0796003980
PAN No.: [Permanent Account No.]	AAACN7149L
GSTN : [Goods & Service Tax Registration No.]	29AAACN7149L1ZY
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and sale of Automated Teller Machines (ATM), sale of traded products, providing software solutions and customer support. (Registered Activity)
No. of Employees :	Not Divulged

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 :	INR 2090800000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “NCR International Inc.” United States of America. The company was incorporated in the year 1996. It is a manufacturer and seller automated teller machines (ATM), sale of traded products, service provider of software solutions and customer support. Management has failed to file its financials with Registrar of Companies for the FY 2017. Mr. Chandran (Designation not Divulged) has denied to provide any information about the subject. As per the financial record of 2016, the company has achieved 7.30% growth in its revenue as compared to previous year along with decent profit margin of 6.13%. The sound financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to debt free balance sheet profile. The rating takes into consideration financial and managerial support that the company receives from its holding entity backed by its well experienced management team. The rating also takes into consideration the subject’s long established track record of the business operations along with extensive experience of its promoters. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: The correct name of the subject is “NCR Corporation India Private Limited”.

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

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 28.06.2018

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 DENIED BY

Name :	Mr. Yagamurthy
Designation :	Not Divulged
Contact No.:	91-9894016307
Name :	Mr. Chandran
Designation :	Not Divulged
Contact No.:	91-9894541425
Date :	27.06.2018

LOCATIONS

Registered Office :	“Nioton” Building, 3^rd Floor,11 Palace Road, Bangalore – 560052, Karnataka, India
Tel. No.:	91-80-30786900
Fax No.:	91-80-22257050
E-Mail :	ts185067@ncr.com ss185014@ncr.com
Website :	www.ncr.com
Factory 1 :	14/1A, Mahindra World City, Veerapuram Village, Chengalpattutaluk, District Kancheepuram – 603004, Tamilnadu, India
Factory :	Also Located at: · Pondicherry · Chennai
Software Service Centre :	Located at : · Hyderabad · Gurugram

DIRECTORS

As on 2018

Name :	Mr. Navroze Gustad Dastur
Designation :	Managing Director
Address :	Goolrukh Society, TPS-IV, 4^th Road, Flat No.6, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	11.05.1964
Qualification :	B Com, IIM
Date of Appointment :	30.09.2013
PAN No.:	ABAPD0505C
DIN No.:	06588656
Name :	Mr. Ajay Jhamb
Designation :	Director
Address :	B-1701 Lake castle, Hiranandan, Garden Powai, Mumbai-400076, Maharashtra, India
Date of Birth/Age :	18.10.1968
Date of Appointment :	31.10.2012
PAN No.:	AAKPJ0048H
DIN No.:	05252754
Name :	Mr. Chittybabu Santhakumar
Designation :	Director
Address :	12, Elango Nagar, 6^TH Cross Extension Pondichery, Pondichery-605011, India
Date of Birth/Age :	18.10.1972
Date of Appointment :	31.10.2012
PAN No.:	AYVPS7068P
DIN No.:	05121621
Name :	Mr. Sunil Kumar Sharma
Designation :	Nominee Director
Address :	K-602, 6^th Floor, Greenwoods, S M V Road, Andheri Kurla Road, Chakala, Andheri (East), Mumbai-400093, Maharashtra, India
Date of Birth/Age :	10.11.1964
Qualification :	C.A.
Date of Appointment :	25.06.2004
PAN No.:	ABDPS6709G
DIN No.:	01047189

KEY EXECUTIVES

Name :	Mr. Tushar Diwakar Shastri
Designation :	Secretary
Address :	204, Atlas D, Lodha Paradise, Near Majiwade Flyover, Thane – 400601, Maharashtra, India
Date of Birth/Age :	28.08.1971
Date of Appointment :	28.03.2008
PAN No.:	AGTPS1375H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders	No. of Shares
NCR International INC, United States of America	275815260
NCR Corporation, United States of America	300
Total	275815560

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and sale of Automated Teller Machines (ATM), sale of traded products, providing software solutions and customer support. (Registered Activity)

Products :

NIC Code No.	Product Description
28299	Other special-purpose machinery

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name	Not Divulged
Branch	--
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	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Other loans and advances	41.000	42.000
Total	41.000	42.000

Auditors :
Name :	Price Waterhouse and Company Bangalore LLP Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai- 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	--
Collaborators :	--
Holding company (As on 31.03.2016) :	NCR International Inc., United States of America
Ultimate Holding company (As on 31.03.2016) :	NCR Corporation, United States of America
Fellow Subsidiary Companies (As on 31.03.2016) :	Mustafa Bin Abdullatif General Trading LLC aka Dubai NCR (Beijing) Financial Equipment System Co., Limited NCR (CHINA) LIMITED NCR (Cyprus) Limited NCR (Guangzhou) Technology Company Limited NCR (Hellas) , SA NCR (Hong Kong) Limited NCR (Kenya) Limited NCR (Malaysia) Sdn Bhd NCR (Middle East) Limited NCR (NZ) Corporation NCR (Nigeria) PLC NCR (North Africa) Limited NCR (Schweiz) GmbH – NCR (Scitzeland) GMBH NCR (Shanghai) Technology Services Limited NCR (Thailand) Limited NCR Abu Dhabi NCR Argentina S.R.L. NCR Asia Pacific Pte Limited NCR Australia Pty Limited NCR Bilisim Sist. Limited Sti. NCR Brasil - Industria De Equipamentos Para Automacao Limiteda NCR Brasil Limiteda NCR CEBU Development Center, Inc. NCR Canada Corp NCR Chile Industrial y Commercial Limiteda NCR Colombia Limiteda NCR Corporation (Egypt Branch) NCR Corporation (Philippines) NCR Corporation, Lebanon NCR Danmark A/S NCR Dominicana, C por A NCR Dutch Holdings B.V. NCR ESPANA, S.L. NCR Financial Solutions Group Limited NCR France Snc NCR Georgia NCR Ghana Limited NCR Global Holding LIMITED aka "NCR Dubai – NCR GHL (Branch), Jebel Ali (Sharjah) NCR Global Solutions Limited NCR GmbH NCR International Inc (Puerto Rico). NCR Italia S.r.l. NCR Japan, Limited NCR Jordan NCR Korea Co., Limited NCR Kuwait NCR Limited NCR Magyarorszg Informci-Technolgiai KFT - NCR Magyarorszay (Hungary) Limited NCR Nederland B.V. NCR Oman NCR Osterreich GmbH NCR Pakistan NCR Polska Spol z.o.o. NCR Qatar LLC NCR SOFTWARE CORPORATION (PHILIPPINES) NCR Singapore Pte Limited NCR Solutions (Middle East) LLC [fka NCR Solution Arabia LLC] NCR Solutions de Mexico, S de R.L. de C.V. NCR Systems Taiwan Limited NCR de Mexico, S.DE R.L. C.V NCR del Peru SA PT NCR Indonesia Radiant Systems Asia-Pacific Pty Radiant Systems Limited Retalix USA, Inc
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives (As on 31.03.2016) :	NCR Corporation India Employees Provident Fund Trust NCR Corporation India Employees Superannuation Fund

CAPITAL STRUCTURE

As on 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
284500000	Equity Shares	INR 10/- each	INR 2845.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
275815560	Equity Shares	INR 10/- each	INR 2758.156 Million

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
284500000	Equity Shares	INR 10/- each	INR 2845.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
275800000	Equity Shares	INR 10/- each	INR 2758.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2758.000	2758.000	2758.000
(b) Reserves and Surplus	7696.000	6465.000	6151.000
(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)	10454.000	9223.000	8909.000
(3) Non-Current Liabilities
(a) long-term borrowings	41.000	42.000	69.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	38.000	30.000	21.000
(d) long-term provisions	474.000	552.000	403.000
Total Non-current Liabilities (3)	553.000	624.000	493.000
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	6687.000	7481.000	6400.000
(c) Other current liabilities	1056.000	814.000	1457.000
(d) Short-term provisions	482.000	477.000	318.000
Total Current Liabilities (4)	8225.000	8772.000	8175.000
TOTAL	19232.000	18619.000	17577.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2852.000	2979.000	2337.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	91.000	283.000	581.000
(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)	633.000	540.000	703.000
(d) Long-term loans and advances	1574.000	1803.000	1225.000
(e) Other Non-current assets	10.000	9.000	9.000
Total Non-Current Assets	5160.000	5614.000	4855.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2177.000	1997.000	2576.000
(c) Trade receivables	8140.000	7066.000	7121.000
(d) Cash and bank balances	989.000	1445.000	1123.000
(e) Short-term loans and advances	2255.000	1774.000	1266.000
(f) Other current assets	511.000	723.000	636.000
Total Current Assets	14072.000	13005.000	12722.000
TOTAL	19232.000	18619.000	17577.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Revenue from operations	20084.000	18717.000	16391.000
	Other Income	584.000	569.000	542.000
	TOTAL	20668.000	19286.000	16933.000
Less	EXPENSES
	Cost of Materials Consumed	8888.000	7774.000	8246.000
	Purchases of Stock-in-Trade	665.000	988.000	991.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(79.000)	577.000	(723.000)
	Employee benefit expense	2873.000	2651.000	2298.000
	Other expenses	5805.000	6128.000	5071.000
	TOTAL	18152.000	18118.000	15883.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2516.000	1168.000	1050.000
Less	FINANCIAL EXPENSES	74.000	166.000	107.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2442.000	1002.000	943.000
Less/ Add	DEPRECIATION/ AMORTISATION	568.000	509.000	431.000
	PROFIT/ (LOSS) BEFORE TAX	1874.000	493.000	512.000
Less	TAX	643.000	179.000	214.000
	PROFIT/ (LOSS) AFTER TAX	1231.000	314.000	298.000
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	9688.000	6892.000	5033.000
	TOTAL EARNINGS	9688.000	6892.000	5033.000
	IMPORTS
	Raw Materials	5442.000	4442.000	5602.000
	Components and spare parts	502.000	1542.000	2128.000
	Capital Goods	12.000	12.000	65.000
	TOTAL IMPORTS	5956.000	5996.000	7795.000
	Earnings / (Loss) Per Share (INR)	4.46	1.14	1.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	486.000	1816.000	2305.000

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	147.93	137.79	158.57
Account Receivables Turnover (Income / Sundry Debtors)	2.47	2.65	2.30
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	255.50	311.64	252.90
Inventory Turnover (Operating Income / Inventories)	1.16	0.58	0.41
Asset Turnover (Operating Income / Net Fixed Assets)	0.85	0.36	0.36

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.43	0.47	0.47
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.01
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.79	0.95	0.92
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.28	0.35	0.33
Interest Coverage Ratio (PBIT / Financial Charges)	34.00	7.04	9.81

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	6.13	1.68	1.82
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.40	1.69	1.70
Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.78	3.40	3.34

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.71	1.48	1.56
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.45	1.25	1.24
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.50	0.51
G-Score Ratio Debt (Debts / Equity Capital)	0.01	0.02	0.03
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.71	1.48	1.56

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	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	2758.000	2758.000	2758.000
Reserves & Surplus	6151.000	6465.000	7696.000
Net worth	8909.000	9223.000	10454.000
Long-term borrowings	69.000	42.000	41.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	69.000	42.000	41.000
Debt/Equity ratio	0.008	0.005	0.004

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	16391.000	18717.000	20084.000
		14.191	7.304

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	16391.000	18717.000	20084.000
Profit/ (Loss)	298.000	314.000	1231.000
	1.82 %	1.68 %	6.13 %

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	Yes
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	No
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	No
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

GENERAL INFORMATION (As on 31.03.2016)

The Company was set up in April, 1996, as a fully owned subsidiary of NCR Corporation, based in Duluth, Georgia, USA. The Company's principal business includes manufacturing and sale of Automated Teller Machines (ATM), sale of traded products, providing software solutions and customer support.

The Company has its registered office in Bangalore. The Company has state-of-the-art manufacturing facilities in Puducherry and Chennai, which caters to both the domestic demand as well as export to other global NCR entities. The Company also has a Software Services Centre in Hyderabad and Gurugram

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

· Land

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer Equipments

· Leasehold Improvements

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 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35

INFORMATION DETAILS

Information Gathered by :	SHW
Analysis Done by :	VAR
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	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.