MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	480910
Report Date :	29.03.2018

IDENTIFICATION DETAILS

Name :	INDIGO TECH-IND LIMITED (w.e.f. 21.12.2016)

Formerly Known As :	INDIGO EDUTRAINMENT LIMITED (w.e.f. 09.09.2016) INDIGO EDUTRAINMENT PRIVATE LIMITED (w.e.f. 12.08.2003) INDIGO TRADE LINKS PRIVATE LIMITED

Registered Office :	Unit 1D, Sushil Samir CHS, "A" Wing, Ashok Nagar, Cross Road No.1, Kandivali (East), Mumbai – 400101, Maharashtra
Mobile No.:	91-9820430218 (Mr. Gajendra Salvi)

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	18.09.2002

Com. Reg. No.:	11-137262

Capital Investment / Paid-up Capital :	INR 170.000 Million

CIN No.: [Company Identification No.]	U51900MH2002PLC137262

IEC No.: [Import-Export Code No.]	Not Applicable (As informed by the management that firm does not have export and import)

TIN No.:	27150287616

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCI2949E

GSTN : [Goods & Service Tax Registration No.]	27AABCI2949E1ZN

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trader of Fabric. (Confirmed by management)

No. of Employees :	05 (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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was incorporated in the year 2002. It is a subsidiary of Aneri Fincap Limited which holds 51.18% stake in the company. The company is a trader of fabrics. As per the financial records of 2017, the company has reported a decline in its revenue as compared to the previous year’s revenue. The rating takes into consideration the sound financial position of the company marked by healthy net worth base. Furthermore, the subject’s customers (Truvalue Agro Ventures Private Limited and Straddle Industries Private Limited) have given positive feedback and are satisfied with the subject’s product quality and delivery behaviour. Supplier (Aventura Components Private Limited) has also given positive feedback and is satisfied with the subject’s payment behaviour. Subject’s bank (Axis Bank) has also given positive feedback and is satisfied with the subject’s banking transaction. Business is active. Payment seems to be regular. In view of aforesaid, the company 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

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 29.03.2018

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. Gajendra Salvi
Designation :	Chief Executive Officer
Contact No.:	91-9820430218
Date :	28.03.2018

LOCATIONS

Registered Office :	Unit 1D, Sushil Samir CHS, "A" Wing, Ashok Nagar, Cross Road No.1, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9820430218 (Mr. Gajendra Salvi)
Fax No.:	Not Available
E-Mail :	gaj143@gmail.com indigoedupltd@gmail.com
Area :	800 sq. ft.
Location :	Rented
Locality :	Residential

Warehouse :	Located at: Vasai (Thane)

DIRECTORS

As on 31.03.2017

Name :

Mr. Sudip Subodh Chowdhary

Designation :

Director

Address :

406, Kharban Yadav Chawl, Akruli Road, Near Satya EL Hanuman Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

01.01.1984

Qualification :

Graduate

Date of Appointment :

12.08.2016

DIN No.:

07560910

PAN No.:

BDMPC0226L

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L72200PN1995PLC084257	WASHINGTON SOFTWARES LIMITED	18/08/2016	-
L51909WB1980PLC032950	IGC INDUSTRIES LIMITED	09/11/2016	-

Name :

Tulna Gajendra Salvi

Designation :

Additional Director

Address :

302, Prime View, Fanaspada, Waliv Naka, Vasai, Thane – 401208, Maharashtra, India

Date of Appointment :

01.11.2017

DIN No.:

07955651

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH2009PLC194365	KIL INFRASTRUCTURES LIMITED	16/10/2017	-

Name :

Mr. Rajesh Ramprasad Gawai

Designation :

Additional Director

Address :

Saraswati Chawl Committe, Hanuman Mandir, Akurli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Appointment :

16.02.2018

DIN No.:

08007855

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U64200MH2000PLC126912	ABHI-MAN TELE-COM LIMITED	05/12/2017	-

KEY EXECUTIVES

Name :	Mr. Gajendra Salvi
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders		No. of Shares
Aneri Fincap Limited, India		8700000
Artlink Vintrade Limited, India		8296000
Rupam Chitalia		1000
Jyoti Chitalia		1000
Ketu Parikh		1000
Prajwal Patel		1000
Total		17000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Body corporate)	48.80
Public/Other than promoters (Individual/Hindu Undivided Family-Indian)	0.02
Public/Other than promoters (Body corporate)	51.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Fabric. (Confirmed by management)

Products/ Services :

Item Code No.	Product/ Services Description
99623900	Commodity Trading

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Credit (30/ 45 Days)

Purchasing :

Credit (30/ 45 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Aventura Components Private Limited

Name of the Person :

Mr. Chirag Gandhi (Banking and Finance Manager)

Contact No.:

91-9820268935

Since How Long Known :

3 Years

Maximum Limit Dealt :

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Chirag Gandhi (Banking and Finance Manager) claimed that the payment behaviour, market goodwill is excellent and overall performance is excellent.

Reference :

Cherished Traders Private Limited

Name of the Person :

Ms. Sarita

Contact No.:

91-9930062047 (Incorrect number)

Since How Long Known :

Maximum Limit Dealt :

Experience :

Payment Behaviour	Market Goodwill	Overall
--	--	--

Remark:

Customers :

Reference :

Truvalue Agro Ventures Private Limited

Name of the Person :

Mr. Aditya Poddar (Assistant Manager Accounts)

Contact No.:

91-7678092255

Since How Long Known :

3 Years

Maximum Limit Dealt :

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Aditya Poddar (Assistant Manager Accounts) claimed that the product quality, delivery behaviour is excellent and overall performance is excellent.

Reference :

Straddle Industries Private Limited

Name of the Person :

Ms. Vanita Chauhan (Accountant)

Contact No.:

91-9870019045

Since How Long Known :

2 Years

Maximum Limit Dealt :

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Ms. Vanita Chauhan (Accountant) claimed that the product quality, delivery behaviour is excellent and overall performance is excellent.

No. of Employees :

05 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	Andheri (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Mahfooj Ali (Relationship Manager)
Contact Number	91-9833015313
Name of Account Holder	Indigo Tech-Ind Limited
Account Number	917020046492554
Account Since (Date/Year of Account Opening)	27.06.2017
Average Balance Maintained (If Possible)	INR 0.025 Million
Credit Facilities Enjoyed (If any)	--
Account Operation	Satisfactory
Remarks (If any)	As claimed by Mr. Mahfooj Ali (Relationship Manager) that they are satisfied with the subject company transaction.

Oriental Bank of Commerce, Fort, Mumbai, Maharashtra, India

Auditors :
Name :	Motilal and Associates Chartered Accountants
Address :	A 108, Sujata Niketan, Rani Sati Road, Near Railway Station Malad (East), Mumbai – 400097, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAYFM9710D

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Aneri Fincap Limited (CIN No.: L65910MH1990PLC295982)

Associate :	Artlink Vintrade Limited (CIN No.: U51109WB1996PLC080153)

CAPITAL STRUCTURE

As on 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

17000000	Equity Shares	INR 10/- each	INR 170.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

17000000	Equity Shares	INR 10/- each	INR 170.000 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	170.000	170.000	170.000
(b) Reserves and Surplus	1058.139	1058.015	1099.576
(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)	1228.139	1228.015	1269.576

(3) Non-Current Liabilities
(a) long-term borrowings	128.525	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	128.524	0.000	0.000

(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	10.090
(b) Trade payables	3686.502	1815.664	718.964
(c) Other current liabilities	0.000	0.143	0.256
(d) Short-term provisions	0.085	0.006	0.028
Total Current Liabilities (4)	3686.587	1815.813	729.338

TOTAL	5043.251	3043.828	1998.914

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets 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	306.429	88.038	541.636
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	306.429	88.038	541.636

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	598.191	723.739	90.785
(c) Trade receivables	3179.502	1269.240	962.178
(d) Cash and bank balances	0.334	1.024	0.101
(e) Short-term loans and advances	958.795	961.787	404.214
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4736.822	2955.790	1457.278

TOTAL	5043.251	3043.828	1998.914

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	4072.838	5080.450	811.989
	Other Income	3.100	0.000	0.290
	TOTAL	4075.938	5080.450	812.279

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	3946.899	5716.357	850.306
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	125.547	(632.954)	(38.551)
	Employee benefit expense	0.000	0.000	0.000
	Other expenses	3.310	38.594	1.572
	TOTAL	4075.756	5121.997	813.327

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	0.182	(41.547)	(1.048)

Less	FINANCIAL EXPENSES	0.003	0.014	0.002

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.179	(41.561)	(1.050)

Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX	0.179	(41.561)	(1.050)

Less	TAX	0.055	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	0.124	(41.561)	(1.050)

	Earnings / (Loss) Per Share (INR)	0.01	(2.44)	(0.06)

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	NA	NA	NA
Net cash flows from (used in) operations	89.232	(452.675)	19.072
Net cash flow from operating activity	89.287	(452.675)	19.072

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365 Days)*	284.94	91.19	432.51

Account Receivables Turnover ( Income / Sundry Debtors)	1.28	4.00	0.84

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	340.92	115.93	308.62

Inventory Turnover (Operating Income / Inventories)	0.00	(0.06)	(0.01)

Asset Turnover (Operating Income / Net Fixed Assets)	0.00	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.76	0.60	0.36

Debt Equity Ratio (Total Liability / Networth)	0.10	0.00	0.01

Current Liabilities to Networth (Current Liabilities / Net Worth)	3.00	1.48	0.57

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00

Interest Coverage Ratio (PBIT / Financial Charges)	60.67	(2967.64)	(524.00)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) 100]*	%	0.00	(0.82)	(0.13)

Return on Total Assets ((PAT / Total Assets) 100)*	%	0.00	(1.37)	(0.05)

Return on Investment (ROI) ((PAT / Networth) 100)*	%	0.01	(3.38)	(0.08)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.28	1.63	2.00

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.12	1.23	1.87

G-Score Ratio Financial (Networth / Total Assets)	0.24	0.40	0.64

G-Score Ratio Debt (Debts / Equity Capital)	0.76	0.00	0.06

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.28	1.63	2.00

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	170.000	170.000	170.000
Reserves & Surplus	1099.576	1058.015	1058.139
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1269.576	1228.015	1228.139

Long-term borrowings	0.000	0.000	128.524
Short term borrowings	10.090	0.000	0.000
Total borrowings	10.090	0.000	128.524
Debt/Equity ratio	0.008	0.000	0.105

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	811.989	5080.450	4072.838
		525.680	(19.833)

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	811.989	5080.450	4072.838
Profit/ (Loss)	(1.050)	(41.561)	0.124
	(0.13 %)	(0.82 %)	0.00 %

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	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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	Yes
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: The registered office of the company has been shifted from “Flat No.101, Vasu Villa, Amar Jyoti Society Compound, Opposite Telephone Exch., S. V. Road, Kandivali (West), Mumbai – 400067, Maharashtra, India” to the present address w.e.f. 03.10.2017

GENERAL INFORMATION

The Company is a Public Company domiciled in India and incorporated under the provision of the Companies Act, 1956. The Company is engaged in a business of Trading - Others.

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:

The Company has reported income of INR 4075.938 Million for the current year as compared to INR 5080.450 Million in the previous year. The net profit for the year amounted to INR 0.124 Million in the current year as compared to loss of INR 41.561 Million in the previous year.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Other loans and advances	128.525	0.000

Total	128.525	0.000

INDEX OF CHARGES

No Charges Exists for Company

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 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	SVT

Analysis Done by :	NYT

Report Prepared by :	SUD

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	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.