MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	507343
Report Date :	09.05.2018

IDENTIFICATION DETAILS

Name :	CUTAWAYY FILMS PRIVATE LIMITED

Registered Office :	Neel Nivas, House No. 4, Police Officers Progressive Co-Operative Housing Society, Fisheries University Road, Versova, Andheri (West), Mumbai-400061, Maharashtra
Mobile No.:	91-9820220064 (Mr. Gaurav) 91-9820913005 (Mrs. Monica)

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	23.05.2013

Com. Reg. No.:	11-243534

Capital Investment / Paid-up Capital :	INR 1.000 Million

CIN No.: [Company Identification No.]	U93030MH2013PTC243534

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

GSTN : [Goods & Service Tax Registration No.]	27AAFCC2689D1ZM

TIN No:	Not Available

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

PAN No.: [Permanent Account No.]	AAFCC2689D

Legal Form :	Private Limited Liability Company

Line of Business :	Service Providing of Integrated Advertising and Film Production Services. (Registered activity and also confirmed by management)

No. of Employees :	08 (Approximately)

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

Maximum Credit Limit :	USD 27000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Cutawayy Films Private Limited was incorporated in the year 2013. The company is engaged in providing integrated advertising and film production services. As per the financial of 2017, the company has reported a decline in its revenue as compared to the previous year but has managed to maintain an average profitability margin of 4.07%. The overall financial position of the company seems to be satisfactory marked by fair net worth base along with comfortable liquidity parameter. Further, customer (BBDO India Private Limited, Contract Advertising India Pvt Ltd and McCann Erickson India Pvt Ltd) have given positive feedback and they are satisfied with subject’s business transaction and payment behavior. Banker (HDFC Bank) also gave positive response and they claimed that they are satisfied with their banking transactions. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. NOTE: Site visit was conducted at the corporate address and our executive has successfully traced the subject on the corproate address. At the premises our executive met Mr. Gaurav Dhar (Director). As per our executive’s observation it is a 13 storey building and subject is situated on the 4th floor of the building. Location was easy to find. Locality appears to be commercial. Area seems to be upmarket. Area of premises is 950 sq. ft. 04 employees were sighted in the premises. Name board of the subject was sighted at the corporate address.

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.05.2018.

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. Gaurrav Dhar
Designation :	Director
Contact No.:	91-9820220064
Date :	07.05.2018

LOCATIONS

Registered Office :	Neel Nivas, House No. 4, Police Officers Progressive Co-Operative Housing Society, Fisheries University Road, Versova, Andheri (West), Mumbai-400061, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9820220064 (Mr. Gaurav) 91-9820913005 (Mrs. Monica)
Fax No.:	Not Available
E-Mail :	csbrijeshrathod@gmail.com info@cutawayyfilms.com
Website :	http://www.cutawayyfilms.com
Area :	5000 Sq. Ft.
Location :	Owned
Locality :	Residential

Corporate Office :	B/403-404, Dhanashree Heights, Behind Axis Bank, Off. Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra, India
Area :	1100 Sq. Ft.
Location :	Rented
Locality :	Commercial

DIRECTORS

As on 31.03.2017

Name :

Mr. Gaurrav Dhar

Designation :

Director

Address :

204, Sameer Apartment, Vipul CHSL., Yari Road, Versova, Andheri-West, Mumbai-400061, Maharashtra, India

Date of Birth/Age :

15.11.1980

Date of Appointment :

23.05.2013

DIN No:

03542811

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74120MH2011PTC219486	JOKER STREET ENTERTAINMENT PRIVATE LIMITED	06/07/2011	-

Name :

Mrs. Monica Gambhir

Designation :

Director

Address :

Flat No. A / 601, Patiliputra CHS, Four Bunglows, J.P. Road, Andheri-West, Mumbai-400053, Maharashtra, India

Date of Birth/Age :

20.06.1978

Date of Appointment :

23.05.2013

DIN No:

06568492

KEY EXECUTIVES

Name :	Mr. Ashwin Nathwani
Designation :	Finance Head
Mob No:	91-9869009632/ 9819011230

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Gaurrav Dhar	50000	50.00
Monica Gambhir	50000	50.00
Total	100000	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 :	Service Providing of Integrated Advertising and Film Production Services. (Registered activity and also confirmed by management)

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash, Advance payment and Cheque

Purchasing :	Cash, Advance payment and Cheque

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	A.M. Vaghasia and Company
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Anura’s Caterers
Expost Facto Studio LLP
Foodfirst
Famous Digital Studios Private Limited
Nube Studio LLP
Nitin Tandon Food Styling Company
Om Shakti Computers
Pappu and Company Agents Limited
Plug Inn Studio LLP
Purple Haze Studio Private Limited
Prime Focus Limited
Vega Solutions Private Limited

Customers :

Others

Reference :

BBDO India Private Limited

Name of the Person :

Mr. Krishna (Agency Producer- BBDO India)

Contact No.:

91-9820131187

Since How Long Known :

5 Years

Maximum Limit Dealt :

Not Available

Email:

Krishna.bbdo@gmail.com

Experience :

Service Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their services.

Reference :

Contract Advertising (India) Private Limited

Name of the Person :

Mr. Subho Sengupta (Senior Vice President)

Contact No.:

91-9873153586

Since How Long Known :

1.5 Years

Maximum Limit Dealt :

Not Available

Email:

Subho.sengupta@contractindia.co.in

Experience :

Service Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their services.

Reference :

McCann Erickson India Private Limited

Name of the Person :

Mr. Jeet Kalra (Creative Head Films)

Contact No.:

91-9810288717

Since How Long Known :

5 Years

Maximum Limit Dealt :

Not Available

Email:

Jeet.kalra@mccann.com

Experience :

Service Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their services.

Bates India Private Limited
J. Walter Thompson
Mullen Lintas Private Limited
Publication Communication Private Limited
TLG India Private Limited
Lintas India Private Limited

No. of Employees :

08 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	S’ana Building, Linking Road, Santacruz (West) Mumbai-400054, Maharashtra, India
Person Name (With Designation) :	Mr. Nikhil (Relationship Manager)
Contact Number :	91-7400465095
Name of Account Holder :	Cutawayy Films Private Limited
Account Number :	50200001201835
Account Since (Date/Year of Account Opening) :	2013
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Current Account
Account Operation :	Satisfactory
NEFT IFSC Code:	HDFC0000079
RTGS IFSC Code:	HDFCINBB
MICR Code:	400240017
Remark :	Banker gave us positive response about subject company they are satisfied with their banking transaction.

Auditors :
Name :	A.M. Vaghasia and Company Chartered Accountants
Address :	Office No.507 and 508, Gold Crest Business Centre, L.T. Road, Opposite Manubhai Jewellers, Above Westside, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel and Fax No:	91-22-28925324
Mob. No:	91-9594070821/ 8452000160
Email:	Ajay78vaghasia@gmail.com Caajay_vaghasia@yahoo.co.in
Membership No:	124975
Income-tax PAN of auditor or auditor's firm :	ACZPV2648G

Memberships :	Not Available

Collaborators :	Not Available

Enterprises over which Key Managerial Personal are able to exercise significant influence:	Jokerstreet Entertainment 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

100000	Equity Shares	INR 10/- each	INR 1.000 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	1.000	1.000	0.100
(b) Reserves & Surplus	8.579	6.160	2.607
(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)	9.579	7.160	2.707

(3) Non-Current Liabilities
(a) long-term borrowings	1.702	3.735	2.105
(b) Deferred tax liabilities (Net)	0.000	0.010	0.020
(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)	1.702	3.745	2.125

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.939	1.461	2.806
(c) Other current liabilities	0.253	2.419	0.108
(d) Short-term provisions	0.000	0.000	0.829
Total Current Liabilities (4)	1.192	3.880	3.743

TOTAL	12.473	14.785	8.575

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.380	1.499	0.453
(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	0.187	0.144	0.000
Total Non-Current Assets	1.567	1.643	0.453

(2) Current assets
(a) Current investments	0.000	0.000	0.400
(b) Inventories	7.256	0.000	0.000
(c) Trade receivables	0.109	7.182	3.664
(d) Cash and cash equivalents	2.341	5.144	3.209
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	1.200	0.816	0.849
Total Current Assets	10.906	13.142	8.122

TOTAL	12.473	14.785	8.575

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	59.440	76.058	33.849
	Other Income	0.023	0.011	0.039
	TOTAL	59.463	76.069	33.888

Less	EXPENSES
	Purchases of Stock-in-Trade	54.577	61.719	25.834
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.256)	0.000	0.000
	Other expenses	8.186	8.990	5.260
	TOTAL	55.507	70.709	31.094

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3.956	5.360	2.794

Less	FINANCIAL EXPENSES	0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.956	5.360	2.794

Less	DEPRECIATION/ AMORTISATION	0.510	0.219	0.049

	PROFIT/ (LOSS) BEFORE TAX	3.446	5.141	2.745

Less	TAX	1.027	1.588	0.848

	PROFIT/ (LOSS) AFTER TAX	2.419	3.553	1.897

	Earnings / (Loss) Per Share (INR)	24.19	35.53	189.67

Particulars

31.03.2018

Sales Turnover (Approximately)

90.000

The above information has been parted by Mr. Gaurav Dhar (Director)

ADVERTISING PROMOTIONAL EXPENSES

Years	INR in Million

2016-2017	NA

2015-2016	NA

2014-2015	NA

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	NA	NA	NA
Net cash flows from (used in) operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.67	34.47	39.51

Account Receivables Turnover (Income / Sundry Debtors)	545.32	10.59	9.24

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	6.28	8.64	39.65

Inventory Turnover (Operating Income / Inventories)	0.55	0.00	0.00

Asset Turnover (Operating Income / Net Fixed Assets)	2.87	3.58	6.17

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.23	0.52	0.68

Debt Equity Ratio (Total Liability / Networth)	0.18	0.52	0.78

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.12	0.54	1.38

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.14	0.21	0.17

Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.07	4.67	5.60

Return on Total Assets ((PAT / Total Assets) * 100)	%	19.39	24.03	22.12

Return on Investment (ROI) ((PAT / Networth) * 100)	%	25.25	49.62	70.08

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	9.15	3.39	2.17

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.06	3.39	2.17

G-Score Ratio Financial (Networth / Total Assets)	0.77	0.48	0.32

G-Score Ratio Debt (Debts / Equity Capital)	1.70	3.74	21.05

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	9.15	3.39	2.17

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	0.100	1.000	1.000
Reserves & Surplus	2.607	6.160	8.579
Net worth	2.707	7.160	9.579

long-term borrowings	2.105	3.735	1.702
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.105	3.735	1.702
Debt/Equity ratio	0.778	0.522	0.178

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	33.849	76.058	59.440
		124.698	(21.849)

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	33.849	76.058	59.440
Profit /(Loss)	1.897	3.553	2.419
	5.60%	4.67%	4.07%

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	Yes
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)	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	--
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 four 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

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Gaurav Exp	0.662	3.735
Bajaj Finance Service	1.040	0.000
Total	1.702	3.735

INDEX OF CHARGES

NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

Air Conditioner
Furniture and Fixture
Computer
Plant and machinery

OBSERVATION POINTS

Name of Company :	CUTAWAYY FILMS PRIVATE LIMITED

Address :	B/403-404, Dhanashree Heights, Behind Axis Bank, Off. Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra, India

E-Mail :	florenceindia@gmail.com

Mobile No.:	91-9820220064

Person to whom we met:	Mr. Gaurrav Dhar Designation : Director

Name Board :	Sighted

Location:	Easy

Landmark (If Any):	Off. Veera Desai Road

Total Floors of the building:	13 Floor

Subject situated on:	4th Floor

Locality:	Commercial

Area of premises :	1100 Sq. Ft.

Area :	Upmarket

No. of employees seen at premises:	04

Visibility of Items:	· Telephone · Computers · Air Conditioner · Office Equipment

Proof of visit:	Photograph

PICTURES:

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 67.08
UK Pound	1	INR 91.14
Euro	1	INR 80.01

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	NYT

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	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.