MIRA INFORM REPORT

Report No. :	494769
Report Date :	03.03.2018

IDENTIFICATION DETAILS

Name :	VAMJA EXPORTS
Registered Office :	J-55, Bharat Diamond Bourse, Bandra, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-33923526
Country :	India
Financials (as on) :	31.03.2017
Date of Establishment :	01.04.2010
Capital Investment / Paid-up Capital :	INR 22.306 Million
IEC No.:	0310054001
TIN No.:	27800802765
GSTN : [Goods & Service Tax Registration No.]	27AAIFV2427Q1ZJ
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAIFV2427Q
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer, Processors, Exporter and Importer of diamonds. (Confirmed by management)
No. of Employees :	90 (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 :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Vamja Exports is a manufacturer, processors, exporter and importer of diamonds. The concern was started in the year 2010 and in based in Mumbai, Maharashtra. It is an established partnership concern having satisfactory track records. As per available financials of 2017, revenue of the concern has declined. However, it has witnessed a growth in its profit and achieved profit margin at 0.58% (approx.). Rating takes into consideration concern established track record of business operation along with adequate capital base and low debt level of the concern. Rating strength is partially offset by strong competition from organized and un-organized players in diamond industry. Trade relations are reported as fair. Business is active. Payments terms are seems to be slow but correct. The concern 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 (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.03.2018

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. Vijay Shah
Designation :	Accountant
Contact No.:	91-982232024
Date :	28.02.2018

LOCATIONS

Registered Office :	J-55, Bharat Diamond Bourse, Bandra, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-33923526
Mobile No.:	91-9892232024 (Mr. Vijay Shah) 91-9821148838 (Mr. Mansukhbhai S. Vamja)
Fax No.:	Not Available
E-Mail :	vijayshah2080@gmial.com
Area :	165 Sq. ft.
Location :	Rented
Locality :	Commercial
Branch Office / Factory :	303, Hariom Apartment, Near Laxmi Diamond, Opposite Ram Nagar, A. K. Road, Surat-395006, Gujarat, India
Area :	3000 sq. ft.
Location :	Owned
Locality :	Industrial

PARTNERS

Name :	Mr. Mansukhbhai Sambhubhai Vamja
Designation :	Partner
Address :	167/168, Ankur Society, Vibhag-4, A .K. Road, Varachha, Surat-395006, Gujarat, India
Date of Birth/Age :	57 Years
Qualification :	12^th Pass
Experience :	7 Years
Name :	Mr. Natubhai Sambhubhai Vamja
Designation :	Partner
Address :	305, Chandrakiran Apartment, Ankur Society, Vibhag 4, A. K. Road, Varachha, Surat-395006, Gujarat, India
Date of Birth/Age :	55 Years
Qualification :	10^th Pass
Name :	Mr. Ramjibhai S. Vamja
Designation :	Partner
Address :	167/168, Ankur Society, Vibhag-4, A .K. Road, Varachha, Surat-395006, Gujarat, India
Date of Birth/Age :	56 Years
Qualification :	10^th Pass

BUSINESS DETAILS

Line of Business :	Manufacturer, Processors, Exporter and Importer of diamonds. (Confirmed by management)
Products :	Polished Diamonds Rough Diamonds
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Polished Diamond
Countries :	Hong Kong Israel Belgium
Imports :
Products :	Rough Diamond
Countries :	Belgium
Terms :
Selling :	Cash, L/C and Credit (NEFT/RTGS)
Purchasing :	Cash, L/C and Credit (NEFT/RTGS)

GENERAL INFORMATION

Suppliers :

Reference :	Gem Blue B.V.B.A., Antwerp, Belgium
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Experience :	--
Maximum Limit Dealt :	--

· K. Parv FZE

· Sheetal Europe BVBA

· Neelam Exports

· Netal Diam BVBA

· Nita Exports

· Sheetal Gems BVBA

· Sheetal Manufacturing Private Limited

Customers :

End Users

Reference :	Harsh Universal (HK) Limited, Kowloon, Hong Kong
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Experience :	--
Maximum Limit Dealt :	--

· Bhavin Gems

· Falguni Gems

· Harsh Universal (HK) Private Limited

· J. D. Diamond

· Manraj Exports

· Minaxi Diamonds

· P. Hirani

· Radhey Impex

· 4G Gems

· S.P.S. Gems

· Sahil Star

· Shree Laxminarayan Gems

· Asteria Diamond (HK) Limited

· Landmark Cars Private Limited

No. of Employees :

90 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	Ground Floor, Shreeji Chambers, Tata Road No. 2, Opera House, Mumbai – 400004, 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)

· Kotak Mahindra Bank Limited

· Axis Bank Limited

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Kotak Mahindra Bank Limited	5.033	0.000
Total	5.033	0.000

Auditors 1:
Name :	P. J. Salot and Company Chartered Accountants
Address :	A-301, Rajeshri Accord, Teligali Cross Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-26830300
Fax No.:	91-22-26830200
E-Mail :	vora_@hotmail.com
Memberships No:	035948
Auditors 2:
Name :	B. Vora and Associates Chartered Accountants
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2017

PARTNERS FIXED CAPITAL ACCOUNT

Particulars	INR In Million
Mansukhbhai S Vamja	0.010
Natubhai S. Vamja	0.010
Ramjibhai S. Vamja	0.010
Total	0.030

MANSUKHBHAI S. VAMJA

Particulars	INR In Million	Particulars	INR In Million
To Balance C/F.	0.010	By Balance B/F	0.010
	0.010		0.010

NATUBHAI S. VAMJA

Particulars	INR In Million	Particulars	INR In Million
To Balance C/F.	0.010	By Balance B/F	0.010
	0.010		0.010

RAMJIBHAI S. VAMJA

Particulars	INR In Million	Particulars	INR In Million
To Balance C/F.	0.010	By Balance B/F	0.010
	0.010		0.010

PARTNERS CURRENT CAPITAL ACCOUNT

Particulars	INR In Million
Mansukhbhai S Vamja	7.717
Natubhai S. Vamja	5.484
Ramjibhai S. Vamja	9.075
Total	22.276

MANSUKHBHAI S. VAMJA

PARTICULARS	INR In Million	PARTICULARS	INR In Million
To Transferred. To S.B A\C	0.250	By Balance B\F	3.865
To Drawings	0.310	By Transferred From Sb A/C	0.600
To Donation	0.006
To Profession Tax	0.010	By Cash	0.020
To Income Tax	0.165	By Income From Firm -
To Advance Tax	0.500
To Share of Firm Tax -		Interest	0.443
Income Tax	0.009	Remuneration	2.440
Advance Tax	0.725	Net Profit	2.324
	1.975
By Balance C/F.	7.717
	9.692		9.692

NATUBHAI S. VAMJA

Particulars	INR In Million	Particulars	INR In Million
To Trfd. To S.B A\C	0.472	By Balance B/F	3.987
To Drawings	0.310	By Cash	0.020
To Donation	0.006
To Profession Tax	0.010	By Income From Firm
To Advance Tax	0.200	Interest	0.459
To Share of Firm Tax -		Remuneration	1.220
Income Tax	0.004	Net profit	1.162
Advance Tax	0.363
By Balance C/F.	5.483
	6.848		6.848

RAMJIBHAI S. VAMJA

Particulars	INR In Million	Particulars	INR In Million
To Trfd. To S.B A\C	0.225	By Balance B\F.	7.015
To Drawings	0.310	By Cash	0.110
To Donation	0.006
To Profession Tax	0.010
To Income Tax	0.147	By Income From Firm -
To Advance Tax	0.200	Interest	0.833
To Share of Firm Tax -		Remuneration	1.220
Income Tax	0.004	Net Profit	1.162
Advance Tax	0.363
By Balance C/F.	9.075
	10.340		10.340

FINANCIAL DATA

[all figures are in INR Million]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016	31.03.2015
SHAREHOLDERS FUNDS
1] Fixed Capital		0.030	0.030	0.030
2] Current Capital		22.276	14.868	19.293
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.306	14.898	19.323
LOAN FUNDS
1] Secured Loans		5.033	0.000	0.000
2] Unsecured Loans		7.488	10.300	1.200
TOTAL BORROWING		12.521	10.300	1.200
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		34.827	25.198	20.523
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.324	0.035	0.041
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	94.941	181.814	243.568
	Sundry Debtors	109.746	180.358	61.090
	Cash & Bank Balances	9.507	1.535	0.156
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposit	4.276	0.221	0.467
Total Current Assets		218.470	363.928	305.281
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	188.967	338.765	284.799
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		188.967	338.765	284.799
Net Current Assets		29.503	25.163	20.482
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34.827	25.198	20.523

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	800.418	915.350	516.151
	Other Income	0.000	0.395	2.272
	TOTAL	800.418	915.745	518.423
		(Due to Market Fluctuation)
Less	EXPENSES
	Cost of goods sold	782.493	882.421	496.957
	Labour charges	9.601	13.567	8.482
	Angadia Expenses	0.015	0.052	0.049
	Audit and Professional fees	0.079	0.093	0.060
	Conveyance	0.019	0.021	0.020
	Donation	0.125	0.177	0.302
	Export, import expenses	0.555	0.465	0.261
	Electricity expenses	0.048	0.052	0.039
	Grading and Handling Expenses	0.000	1.057	0.000
	Late fees on PT	0.000	0.000	0.000
	Interest on TDS	0.003	0.005	0.024
	Motor Car Expenses	0.072	0.000	0.000
	Motor Car Insurance	0.087	0.000	0.000
	Office expenses	0.032	0.039	0.046
	Office Rent	0.549	0.168	0.000
	Office Maintenance	0.136	0.000	0.000
	Professional tax	0.000	0.001	0.008
	Rent	0.168	0.000	0.968
	Salary	0.510	0.000	0.738
	Remuneration	4.880	4.880	3.742
	Subscription fees	0.024	0.029	0.028
	Telephone Expenses	0.028	0.000	0.000
	Travelling Expenses	1.121	0.799	0.612
	Exch. Rate Diff (Imports)	(9.834)	2.189	1.877
	Brokerage and Commission	0.000	0.200	0.000
	Interest on Capital	1.734	1.381	1.568
	TOTAL	792.445	907.596	515.781
	PROFIT/ (LOSS) BEFORE INTEREST, DEPRECIATION AND AMORTISATION	7.973	8.149	2.642
Less	INTEREST	2.385	4.565	0.421
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5.588	3.584	2.221
Less	DEPRECIATION/ AMORTISATION	0.939	0.006	0.003
	NET PROFIT/ (LOSS)	4.649	3.578	2.218

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	50.05	71.92	43.20
Account Receivables Turnover (Income / Sundry Debtors)	7.29	5.08	8.45
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	88.15	140.12	209.18
Inventory Turnover (Operating Income / Inventories)	0.08	0.04	0.01
Asset Turnover (Operating Income / Net Fixed Assets)	1.50	232.83	64.44

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.90	0.96	0.94
Debt Equity Ratio (Total Liability / Networth)	0.56	0.69	0.06
Current Liabilities to Networth (Current Liabilities / Net Worth)	8.81	23.43	14.80
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.24	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	3.34	1.79	6.28

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.58	0.39	0.43
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.08	0.98	0.73
Return on Investment (ROI) ((PAT / Networth) * 100)	%	20.84	24.02	11.48

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.11	1.04	1.07
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.63	0.52	0.22
G-Score Ratio Financial (Networth / Total Assets)	0.10	0.04	0.06
G-Score Ratio Debt (Debts / Equity Capital)	0.56	0.69	0.06
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.11	1.04	1.07

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
Fixed Capital	0.030	0.030	0.030
Current Capital	19.293	14.868	22.276
Reserves & Surplus	0.000	0.000	0.000
Net worth	19.323	14.898	22.306
Secured Loans	0.000	0.000	5.033
Unsecured Loans	1.200	10.300	7.488
Total borrowings	1.200	10.300	12.521
Debt/Equity ratio	0.062	0.691	0.561

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	516.151	915.350	800.418
		77.342	(12.556)

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	516.151	915.350	800.418
Profit/ (Loss)	2.218	3.578	4.649
	0.43%	0.39%	0.58%

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/Age 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	No
18	Major suppliers	Yes
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	No
26	Turnover of firm for last three 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	No
31	External Agency Rating, if available	No
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

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

UNSECURED LOAN

Particulars	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Gagabhen S. Kakadia	0.000	1.000
Zankhana P. Shah	7.404	7.800
Paras Shah HUF	0.084	1.500
Total	7.488	10.300

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 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50

INFORMATION DETAILS

Information Gathered by :	AKY
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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