MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	500567
Report Date :	28.03.2018

IDENTIFICATION DETAILS

Name :	SW METAFORM PRIVATE LIMITED

Registered Office :	Plot No.: F-13, MIDC Industrial Area, Satpur, Nashik -422007, Maharashtra
Tel. No.:	91-22-22664871

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	10.02.2005

Com. Reg. No.:	11-151178

Capital Investment / Paid-up Capital :	INR 5.000 Million

CIN No.: [Company Identification No.]	U27100MH2005PTC151178

TIN No.:	27640291857

IEC No.: [Import-Export Code No.]	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	MUMS47595C

GSTN : [Goods & Service Tax Registration No.]	27AAICS7392E1ZZ

PAN No.: [Permanent Account No.]	AAICS7392E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Sheet Metal Fabricated Components and Assemblies. (Registered activity) Manufacturer, Exporter, Importer, Supplier of Fabricated Parts, Electrical Parts, Wiring, Switches Conner Bus Bars, etc. (Confirmed by management)

No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was incorporated in the year 2005 and it is having a fine track record. It is engaged as manufacturer, exporter, importer and supplier of fabricated parts, electrical parts, wiring, switches bus bars, etc. For the financial year2017, the company has achieved decent growth of 20.09% in its revenue as compared to its previous year along with fair profit margin during the year. Rating takes into consideration, the healthy financial risk profile by adequate net worth base and strong debt protection backed by its experienced management team. Rating continue to derive strength from its long and established track record of its business operations backed by its experienced management team. However, these rating strength gets partially offset by the susceptibility of margins to volatile raw material prices and exposure to intense competition in industry. Payments 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

(30.09.2017)

Current Rating

(31.12.2017)

India

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 28.03.2018

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 INFORMATION)

Name :	Mr. Hiren Gajria
Designation :	Director
Contact No.:	91-9823011637
Date :	27.03.2018

LOCATIONS

Registered Office / Factory 1 :	Plot No.: F-13, MIDC Industrial Area, Satpur, Nashik -422007, Maharashtra, India
Tel. No.:	91-22-22664871
Mobile No.:	91-9823010503 / 9823011637 (Mr. Hiren Gajria)
Fax No.:	91-22-22664871
E-Mail :	info@swmetaform.com nhgajria@hotmail.com
Website :	http://www.swmetaform.com
Location :	Owned
Locality :	Industrial

Corporate Office :	20-A, Khatau Building,1^st Floor, 8/10 Alkesh Dinesh, Modi Marg, Mumbai – 400001, Maharashtra, India

Factory 2 :	A-5, NICE, MIDC Satpur, Nashik -422007, Maharashtra, India

Factory 3 :	F-86, MIDC, Satpur, Nashik -422007, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Navin H Gajria
Designation :	Director
Address :	272, Enterprise Apartments Forjett Road, Hill Road, Mumbai - 400036, Maharashtra, India
Date of Birth/Age :	29.03.1948
Date of Appointment :	10.02.2005
DIN No.:	00201897

Name :	Mr. Bharat Hiranand Gajria
Designation :	Director
Address :	Yashodhan Plot No.11 Near Sarathi Society, D'souza Colony, Nashik – 422005, Maharashtra, India
Date of Birth/Age :	15.03.1958
Date of Appointment :	10.02.2005
DIN No.:	01111533

Name :	Mr. Hiren Navinchandra Gajria
Designation :	Director
Address :	272, Enterprise Apartments Forjett Road, Hill Road, Mumbai - 400036, Maharashtra, India
Date of Birth/Age :	10.11.1927
Date of Appointment :	10.02.2005
DIN No.:	01220431

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares	%age
Bharat Hiranand Gajria	200000	40.00
Hiren Navinchandra Gajria	100000	20.00
Navin H Gajria	100000	20.00
Radhibai H. Gajria	100000	20.00
Total	500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal Fabricated Components and Assemblies. (Registered activity)

Manufacturer, Exporter, Importer, Supplier of Fabricated Parts, Electrical Parts, Wiring, Switches Conner Bus Bars, etc. (Confirmed by management)

Products :

Item Code No.	Product Description
259	Manufacturer of Sheet Metal Fabricated Components and Assemblies

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

United Kingdom
United State of America
UAE etc.

Imports :

Products :

Raw Material

Countries :

Japan
USA

Terms :

Selling :

L/C and Credit, NEFT and RTGS

Purchasing :

L/C and Credit, NEFT and RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Asian Paints Industrial Coating Limited
ASP Sealing Products Limited
Bilal Steels
Chetan Enterprises
Fine Packaging Industries
SKM Steels Limited

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

Customers :

Wholesalers

Alan Electronic Systems Private Limited
Amada (India) Private Limited
Larsen and Turbo Limited
Neha Enterprises
Shamin Steel Traders
Future Enterprises Limited
Future Retaile Limited
Reliance Brand Limited

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Axis Bank Limited
Branch	CCSU Nashik, 2nd Floor Mazda Tower, Trimbak Naka, GPO Road, Nashik, Nashik – 422001, 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)	--

Bank of Maharashtra, Satupr Branch, Satpur, Nashik, Maharashtra, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Corporate Loan – Axis Bank (Interest free against FDR for Capital Subsidy)	7.450	9.342
Axis Bank Limited – Buyers Credit (Against personal guarantee of the directors)	17.469	0.000
Bank of Maharashtra – Auto Plan (Against personal guarantee of the director)	0.370	1.121
HDFC Bank Mecedez Loan (Against personal guarantee of the director)	5.000	0.000

Short-term borrowings
Cash Credit Account with Axis Bank Limited – Trimbak Road, Nashik – 422001	54.145	35.701
(Against hypothecation of Raw Material Semi-Finished Goods, Book Debts and personal guarantee of Directors)

Total	84.434	46.164

Auditors :
Name :	S.B Ramawat and Company Chartered Accountants
Address :	Chikhal House, 146-B, Princess Street, Mumbai – 400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAPR5590A

Memberships :	Not Available

Collaborators :	Not Available

Associates Concern:	Fine Packaging Industries Seewell Containers Private Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	INR 10/- each	INR 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	INR 10/- each	INR 5.000 Million

FINANCIAL DATA

[all figures are in 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	5.000	5.000	5.000
(b) Reserves & Surplus	126.202	93.344	85.963
(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)	131.202	98.344	90.963

(3) Non-Current Liabilities
(a) long-term borrowings	30.289	10.463	7.172
(b) Deferred tax liabilities (Net)	4.276	0.000	1.119
(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)	34.565	10.463	8.291

(4) Current Liabilities
(a) Short term borrowings	54.145	35.701	52.469
(b) Trade payables	37.396	37.444	32.182
(c) Other current liabilities	4.039	3.122	6.557
(d) Short-term provisions	14.930	13.900	11.505
Total Current Liabilities (4)	110.510	90.167	102.713

TOTAL	276.277	198.974	201.967

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.430	68.602	68.899
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	9.944	12.359
(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	2.426	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	143.430	80.972	81.258

(2) Current assets
(a) Current investments	20.000	0.000	0.000
(b) Inventories	30.310	33.769	27.426
(c) Trade receivables	47.407	60.925	70.095
(d) Cash and cash equivalents	13.359	5.671	4.894
(e) Short-term loans and advances	21.771	17.637	18.294
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	132.847	118.002	120.709

TOTAL	276.277	198.974	201.967

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	372.474	310.168	297.576
	Other Income	22.765	18.630	15.540
	TOTAL	395.239	328.798	313.116

Less	EXPENSES
	Cost of Materials Consumed	288.138	236.540	235.516
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.893	(0.624)	(4.458)
	Manufacturing Expenses	11.915	14.835	18.798
	Employees benefits expense	17.837	16.330	14.376
	Other expenses	27.234	23.300	16.673
	TOTAL	348.017	290.381	280.905

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	47.222	38.417	32.211

Less	FINANCIAL EXPENSES	4.436	4.261	4.439

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	42.786	34.156	27.772

Less/ Add	DEPRECIATION/ AMORTISATION	0.145	22.234	9.900

	PROFIT/ (LOSS) BEFORE TAX	42.641	11.922	17.872

Less	TAX	9.782	4.541	6.230

	PROFIT/ (LOSS) AFTER TAX	32.859	7.381	11.642

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	90.344	82.963	71.321

	Balance Carried to the B/S	123.203	90.344	82.963

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1.564	5.150	28.868
	TOTAL EARNINGS	1.564	5.150	28.868

	IMPORTS
	Raw Materials	0.528	6.484	0.000
	Tools and Spares	0.690	1.243	0.989
	Capital Assets - Plant and Machinery	32.503	0.000	10.615
	TOTAL IMPORTS	33.721	7.727	11.604

	Earnings / (Loss) Per Share (INR)	65.72	14.76	23.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	80.786	48.465	12.429
Net cash flow from operating activity	71.778	40.378	6.470

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	46.46	71.70	85.98

Account Receivables Turnover (Income / Sundry Debtors)	7.86	5.09	4.25

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	47.37	57.78	49.88

Inventory Turnover (Operating Income / Inventories)	1.56	1.14	1.17

Asset Turnover (Operating Income / Net Fixed Assets)	0.33	0.49	0.40

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.51	0.51	0.54

Debt Equity Ratio (Total Liability / Networth)	0.64	0.47	0.66

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.84	0.92	1.13

Fixed Assets to Networth (Net Fixed Assets / Networth)	1.09	0.80	0.89

Interest Coverage Ratio (PBIT / Financial Charges)	10.65	9.02	7.26

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	8.82	2.38	3.91

Return on Total Assets ((PAT / Total Assets) * 100)	%	11.89	3.71	5.76

Return on Investment (ROI) ((PAT / Networth) * 100)	%	25.04	7.51	12.80

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.20	1.31	1.18

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.93	0.93	0.91

G-Score Ratio Financial (Networth / Total Assets)	0.47	0.49	0.45

G-Score Ratio Debt (Debts / Equity Capital)	16.89	9.23	11.93

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.20	1.31	1.18

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	5.000	5.000	5.000
Reserves & Surplus	85.963	93.344	126.202
Share Application money pending allotment	0.000	0.000	0.000
Net worth	90.963	98.344	131.202

Long Term borrowings	7.172	10.463	30.289
Short Term borrowings	52.469	35.701	54.145
Total borrowings	59.641	46.164	84.434
Debt/Equity ratio	0.656	0.469	0.644

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	297.576	310.168	372.474
		4.232	20.088

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	297.576	310.168	372.474
Profit	11.642	7.381	32.859
	3.91%	2.38%	8.82%

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	No
17	Details of sister concerns	Yes
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	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

NOTE: Registered office of the company has been shifted from 20-A, Khatau Building, 1^st Floor, 8/10 Alkesh Dinesh, Modi Marg, Mumbai – 400001, Maharashtra, India to the present address.

HIGHLIGHTS OF THE PERFORMANCE:

The revenue from operation of the company has increased to INR 372.474 Million for the year ended 31^st March 2017 as compared to INR 310.168 Million for the immediate previous year. This has been result of the recession faced in this industry. However the profits of the company before taxes have amounted to INR 42.641 Million for the year under consideration as compared INR 11.922 Million in the immediate previous year.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G78500337	10282380	Axis Bank Limited	24/03/2011	16/02/2018	-	105100000.0	CCSU Nashik, 2nd Floor Mazda Tower, Trimbak Naka, GPO Road, Nashik, Nashik – 422001, MAHARASHTRA, INDIA
2	B11205820	90349952	BANK OF MAHARASHTRA	02/05/1998	-	08/04/2011	26000000.0	SATUPR BRANCH, SATPUR, NASHIK, MAHARASHTRA, INDIA
3	B11205333	90348851	BANK OF MAHARASHTRA	25/06/2005	24/10/2007	08/04/2011	41000000.0	SATPUR BRANCH, MIDC AREA, SATPUR, NASHIK – 422007, MAHARASHTRA, INDIA
4	B11204930	10038000	BANK OF MAHARASHTRA	06/02/2007	-	08/04/2011	31000000.0	SATPUR BRANCH, MIDC AREA, SATPUR, NASHIK – 422007, MAHARASHTRA, INDIA

FIXED ASSETS

Factory Land
Factory Building
Plant and Machinery
Air Conditioner
Electrical Installation
Mobile Phone
Motor Car
Motor Cycle
Computers

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 64.90
UK Pound	1	INR 91.86
Euro	1	INR 80.25

INFORMATION DETAILS

Information Gathered by :	AKS

Analysis Done by :	NSR

Report Prepared by :	SUJ

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.