MIRA INFORM REPORT

Report No. :	497605
Report Date :	13.03.2018

IDENTIFICATION DETAILS

Name :	ORANGE SORTING MACHINES INDIA PRIVATE LIMITED
Registered Office :	S.F. No. 90/3, Chinnavedampatti Village, Aadhavan Industries Estate, Athipalayam Road, Coimbatore – 641006, Tamilnadu
Tel. No.:	91-422-4528888
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	10.11.2004
Com. Reg. No.:	18-011419
Capital Investment / Paid-up Capital :	INR 2.500 Million
CIN No.: [Company Identification No.]	U00292TZ2004PTC011419
IEC No.: [Import-Export Code No.]	Not Divulged
TIN No:	33112203386
GSTN : [Goods & Service Tax Registration No.]	33AAACO7124L1ZH
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACO7124L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Colour Sorting Machines. (Registered activity and also confirmed by management)
No. of Employees :	250 (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 :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2004 and it is a manufacturer and exporter of colour sorting machines. As per the financials of 2017, the company has registered decline at 19.57% in its revenue as compared to its previous year’s revenue and reported average profit margin of 1.57%. Rating takes into consideration the company’s established track record of business operations marked by sound net worth along with debt coverage indicators and decent liquidity position. Further, the company has reported good earnings per share of INR 224.82 against its face value of INR 100. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

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 13.03.2018

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 (GENERAL DETAILS)

Name :	Mr. Elango
Designation :	Accounts Manager
Contact No.:	91-422-4528888

LOCATIONS

Registered Office/ Factory :	S.F. No. 90/3, Chinnavedampatti Village, Aadhavan Industries Estate, Athipalayam Road, Coimbatore – 641006, Tamilnadu, India
Tel. No.:	91-422-4528888
Mobile No.:	91-9443259157 (Mr. Srinivasam Shanmugam)
Fax No.:	91-422-4528899
E-Mail :	marketing@orangesorter.com info@orangesorter.com manoharan.m@orangesorter.com sales@orangesorter.com
Website :	www.orangesorter.com
Area :	32700 sq. ft.
Location :	Owned
Locality:	Residential
Branch Office 1:	1st Floor, City Tower, Ward No-31, Holding No-24, G.T. Road, Burdwan - 713101, West Bengal, India
Tel. No:	91-342-2665558
Branch Office 2:	New Delhi, India
Services Centre:	Located At: Tamilnadu West Bengal Punjab Haryana New Delhi Uttar Pradesh Rajasthan Bihar Jharkhand Maharashtra Gujarat Chhattisgarh Odisha Andhra Pradesh Karnataka Kerala

DIRECTORS

As on 31.03.2017

Name :

Mr. Shanmugam Srinivasan

Designation :

Managing Director

Address :

20, 2nd Cross Street, Lakshmanapuram, Papanayakanpalayam, Coimbatore – 641037, Tamilnadu, India

Date of Birth/Age :

06.06.1968

Date of Appointment :

10.11.2004

DIN No.:

00105796

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29261TZ2007PTC013969	ORANGE TEXTILE MACHINES (INDIA) PRIVATE LIMITED	10/10/2007	-

Name :

Mr. Abdul Khader Zahir Hussain

Designation :

Managing Director

Address :

18/19A, Lakshmanapuram, 2^nd Cross Pappanaicken Palayam, Behind KTVR Apartments, Coimbatore – 641037, Tamilnadu, India

Date of Birth/Age :

10.05.1968

Date of Appointment :

10.11.2004

DIN No.:

00105926

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U85110TZ2010PTC015786	DR.BRJ ORTHO CENTRE PRIVATE LIMITED	23/07/2011	-
U29261TZ2007PTC013969	ORANGE TEXTILE MACHINES (INDIA) PRIVATE LIMITED	10/10/2007	-

Name :

Vedagiri Jayalakshmi

Designation :

Director

Address :

20, 2nd Cross Street, Lakshmanapuram, Papanayakanpalayam, Coimbatore – 641037, Tamilnadu, India

Date of Birth/Age :

26.08.1973

Date of Appointment :

10.11.2004

DIN No.:

00130911

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29261TZ2007PTC013969	ORANGE TEXTILE MACHINES (INDIA) PRIVATE LIMITED	10/10/2007	-

Name :

Mr. Zahir Hussain Mumtaj Begum

Designation :

Director

Address :

25-1-1, Ward No.18, Alamu Nagar, III - Road Street, Coimbatore – 641012, Tamilnadu, India

Date of Birth/Age :

17.05.1975

Date of Appointment :

10.11.2004

DIN No.:

00191157

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29261TZ2007PTC013969	ORANGE TEXTILE MACHINES (INDIA) PRIVATE LIMITED	10/10/2007	-

KEY EXECUTIVES

Name :	Mr. Elango
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
S. Srinivasan	9400	37.60
A. ZahirHussain	9400	37.60
V. Jayalakshmi	3100	12.40
Z. Mumtaj Begam	3100	12.40
Total	25000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Colour Sorting Machines. (Registered activity and also confirmed by management)

Products / Services :

Item Code No.	Products/Services Description
84371000	Machines for cleaning, sorting seen, grading seed, grain

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Sri Lanka

Imports :

Not Divulged

Terms :

Selling :

Advance Payment and Cheque

Purchasing :

Advance Payment and 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 :

End Users

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

No. of Employees :

250 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Gandhipuram, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	15888640000010
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--
IFSC Code:	000158

· HDFC Bank Limited, HDFC Bank, House Senapati Bapat, Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· CITI Bank, Tristar Towers Avinashi Road, Plot No. 657, Coimbatore – 641037, Tamilnadu, India

· Axis Bank Limited, 1133, 1135, 1136, Avinashi Road, Pappanaickenpalayam, Coimbatore – 641037, Tamilnadu, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loan
From financial institution	0.000	21.899
Notes: Secured by hypothecation of vehicle. The loan is repayable in monthly installments. The company has not defaulted in repayment of loan and interest
Short-term borrowings
From Banks
Cash Credit	33.443	26.071
Total	33.443	47.970
Note: (Secured by way of First and exclusive charge in all the present and future Stocks and Book-debts on pari passu with CITI Bank.) EM of Property situated at No.90/3, Adhavan Industrial Estate, Athipalayam, Coimbatore - 641 049 in the name of Mr. A. Zahir Hussain and Mr. S. Srinivasan EM of Property situated at SF No. 89/4, 90/1, 90/2 Patta No. 686, Chinnavedampatti Village, Coimbatore in the name of Mr. A. Zahir Hussain and Mr. S. Srinivasan Personal Guarantees by Promoters and Owners of the properties

Auditors :
Name :	Karthikeyan and Jayaram Chartered Accountant
Address :	GKM Towers, 141, Alagesan Road, Coimbatore – 641011, Tamilnadu, India
Tel. No.:	91-422-2447759
Mobile No.:	919865210422
E-Mail :	Fax.coimbatore@gmail.com
Income-tax PAN of auditor or auditor's firm :	AADFG5927B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 100/- each	INR 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	INR 100/- each	INR 2.500 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	2.500	2.500	2.500
(b) Reserves & Surplus	135.423	129.802	113.431
(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)	137.923	132.302	115.931
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	21.899	38.518
(b) Deferred tax liabilities (Net)	10.647	19.220	24.484
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.647	41.119	63.002
(4) Current Liabilities
(a) Short term borrowings	33.443	26.071	37.055
(b) Trade payables	63.421	66.517	83.829
(c) Other current liabilities	35.541	40.281	40.400
(d) Short-term provisions	2.958	0.000	0.000
Total Current Liabilities (4)	135.363	132.869	161.284
TOTAL	283.933	306.290	340.217
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.900	98.200	121.125
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	63.900	98.200	121.125
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.811	85.718	51.238
(c) Trade receivables	75.794	94.335	135.235
(d) Cash and cash equivalents	12.376	15.208	18.620
(e) Short-term loans and advances	13.052	12.829	13.999
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	220.033	208.090	219.092
TOTAL	283.933	306.290	340.217

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	357.092	443.995	515.120
	Other Income	36.081	25.530	17.051
	TOTAL	393.173	469.525	532.171
Less	EXPENSES
	Materials Consumptions	189.264	243.320	311.665
	Employees benefits expense	73.532	78.010	62.816
	Other expenses	99.178	102.507	110.909
	Prior Period	0.082	0.000	0.000
	TOTAL	362.056	423.837	485.390
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	31.117	45.688	46.781
Less	FINANCIAL EXPENSES	12.074	9.901	15.732
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	19.043	35.787	31.049
Less	DEPRECIATION/ AMORTISATION	19.037	24.680	21.406
	PROFIT/ (LOSS) BEFORE TAX	0.006	11.107	9.643
Less	TAX	(5.615)	(5.264)	7.059
	PROFIT/ (LOSS) AFTER TAX	5.621	16.371	2.584
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	129.802	113.431	110.847
	Balance Carried to the B/S	135.423	129.802	113.431
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5.605	19.674	11.422
	TOTAL EARNINGS	5.605	19.674	11.422
	Earnings / (Loss) Per Share (INR)	224.84	654.84	103.36

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	3.543	16.284	16.775
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	NA	35.406	33.100

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	77.47	77.55	95.82
Account Receivables Turnover (Income / Sundry Debtors)	4.71	4.71	3.81
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	122.31	99.78	98.17
Inventory Turnover (Operating Income / Inventories)	0.26	0.53	0.91
Asset Turnover (Operating Income / Net Fixed Assets)	0.49	0.47	0.39

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.49	0.56	0.64
Debt Equity Ratio (Total Liability / Networth)	0.27	0.49	0.80
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.98	1.00	1.39
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.46	0.74	1.04
Interest Coverage Ratio (PBIT / Financial Charges)	2.58	4.61	2.97

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.57	3.69	0.50
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.98	5.34	0.76
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.08	12.37	2.23

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.63	1.57	1.36
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.75	0.92	1.04
G-Score Ratio Financial (Networth / Total Assets)	0.49	0.43	0.34
G-Score Ratio Debt (Debts / Equity Capital)	14.79	25.70	36.94
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.63	1.57	1.36

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	2.500	2.500	2.500
Reserves & Surplus	113.431	129.802	135.423
Net worth	115.931	132.302	137.923
long-term borrowings	38.518	21.899	0.000
Short term borrowings	37.055	26.071	33.443
Current maturities of long-term debts	16.775	16.284	3.543
Total borrowings	92.348	64.254	36.986
Debt/Equity ratio	0.797	0.486	0.268

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	515.120	443.995	357.092
		(13.807)	(19.573)

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	515.120	443.995	357.092
Profit	2.584	16.371	5.621
	0.50%	3.69%	1.57%

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	No
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	No
26	Turnover of firm for last two/ three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G31302276	100068043	HDFC BANK LIMITED	06/10/2016	-	-	60000000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI-400013, MAHARASHTRA, INDIA
2	G69055168	10484760	CITIBANK N. A.	18/03/2014	-	07/11/2017	35000000.0	TRISTAR TOWERS, AVINASHI ROAD, PLOT NO. 657, COIMBATORE-641037, TAMILNADU, INDIA
3	G69055887	10484761	CITIBANK N. A.	18/03/2014	-	07/11/2017	55500000.0	TRISTAR TOWERS, AVINASHI ROAD, PLOT NO. 657, COIMBATORE-641037, TAMILNADU, INDIA
4	G36311264	10484418	AXIS BANK LTD	19/03/2014	-	10/02/2017	49000000.0	1133,1135,1136 AVINASHI ROAD, PAPPANAICKENPALAYAM, COIMBATORE-641037, TAMILNADU, INDIA
5	C36532679	10210092	HDFC BANK LIMITED	05/03/2010	01/03/2012	24/11/2014	76500000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI-400013, MAHARASHTRA, INDIA

FIXED ASSETS

Tangible Assets

• Land
• Building
• Furniture and Fittings
• Computer and Accessories
• Plant and Machinery
• Electronic Equipments
• Vehicle
• Windmill Solar Plant

Intangible Assets

· 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 65.02
UK Pound	1	INR 90.12
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	SWT
Analysis Done by :	VVK
Report Prepared by :	MTN

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	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)

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.