MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	509733
Report Date :	19.05.2018

IDENTIFICATION DETAILS

Name :	LUMAX FINANCE PRIVATE LIMITED (w.e.f. 06.01.2011)

Formerly Known As :	SHEELA FINANCE PRIVATE LIMITED

Registered Office :	2nd Floor, Harbans Bhawan-II Commercial Complex, Nangal Raya, New Delhi – 110046
Tel. No.:	91-124-2341090

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	31.05.1990

Com. Reg. No.:	55-075258

Capital Investment / Paid-up Capital :	INR 216.922 Million

CIN No.: [Company Identification No.]	U65993DL1990PTC075258

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

GSTN : [Goods & Service Tax Registration No.]	Not Divulged

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

PAN No.: [Permanent Account No.]	AAACS9530J

Legal Form :	Private Limited Liability Company

Line of Business :	The company is engaged in the business of investment and finance. [Registered Activity]

No. of Employees :	Information denied 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
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 1010000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1990 and it is engaged in providing financial services except insurance and pension funding activities. As per financials of March 2017, the company has registered sound growth in its revenue and has reported decent profit margin. Rating takes into consideration the company’s moderate financial risk profile along with low reserves level and average liquidity position. However, rating weakness is partially offset by established track record of business operations and debt free balance sheet. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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

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 19.05.2018

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 DENIED

Management Non-Cooperative (91-124-2341090)

LOCATIONS

Registered Office :	2nd Floor, Harbans Bhawan-II Commercial Complex, Nangal Raya, New Delhi – 110046, India
Tel. No.:	91-124-2341090
Fax No.:	Not Available
E-Mail :	lumaxshare@lumaxmail.com

DIRECTORS

AS ON 31.03.2018

Name :

Mr. Deepak Jain

Designation :

Director

Address :

Farm No.23, Road No. 1 Silver Oak Marg, Ghitorni, New Delhi – 110030, India

Date of Birth/Age :

06.04.1975

Date of Appointment :

27.09.2017

DIN No.:

00004972

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U63030DL2017PTC322081	LUMAX ITURAN TELEMATICS PRIVATE LIMITED	14/08/2017	-
U35999DL2017PTC321495	LUMAX FAE TECHNOLOGIES PRIVATE LIMITED	31/07/2017	-
U35912DL2013PLC255694	LUMAX MANNOH ALLIED TECHNOLOGIES LIMITED	17/10/2014	-
U70101DL2009PTC196718	BACKCOUNTRY ESTATES PRIVATE LIMITED	08/12/2009	-
U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	25/09/2007	-
L17115RJ1960PLC008216	RSWM LIMITED	27/09/2016	-
U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	06/09/2007	-
U34300DL1997PLC087110	LUMAX DK AUTO INDUSTRIES LIMITED	10/03/2003	-
U74899DL1982PLC013154	LUMAX ANCILLARY LIMITED	30/09/2010	-
L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	06/08/2013	-
U34300TN1997PLC048136	SL LUMAX LIMITED	27/09/2012	-
L31909MH1981PLC025519	LUMAX AUTO TECHNOLOGIES LIMITED	23/07/2014	-

Name :

Mr. Anmol Jain

Designation :

Director

Address :

Farm No.23, Road No. 1 Silver Oak Marg, Ghitorni, New Delhi – 110030, India

Date of Birth/Age :

29.04.1979

Date of Appointment :

27.09.2017

DIN No.:

00004993

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L31909MH1981PLC025519	LUMAX AUTO TECHNOLOGIES LIMITED	07/08/2013	-
L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	13/08/2014	-
U74899DL1991PTC044328	LUMAX INTEGRATED VENTURES PRIVATE LIMITED	03/08/2004	-
U34300DL1997PLC087110	LUMAX DK AUTO INDUSTRIES LIMITED	28/06/2004	-
U31401DL2003PTC122446	LUMAX ENERGY SOLUTIONS PRIVATE LIMITED	26/08/2016	-
U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	14/06/2007	-
U29221DL2007PLC160549	MINDA AUTOELEKTRIK LIMITED	09/09/2017	-
U35912DL2013PLC255694	LUMAX MANNOH ALLIED TECHNOLOGIES LIMITED	17/10/2014	-
U35999DL2013PTC261221	LUMAX GILL-AUSTEM AUTO TECHNOLOGIES PRIVATE LIMITED	28/11/2013	-
U74999DL2016PTC305208	VELOMAX MOBILITY PRIVATE LIMITED	31/08/2016	-
U35999DL2017PTC321495	LUMAX FAE TECHNOLOGIES PRIVATE LIMITED	31/07/2017	-
U63030DL2017PTC322081	LUMAX ITURAN TELEMATICS PRIVATE LIMITED	14/08/2017	-

Name :

Mr. Dhanesh Kumar Jain

Designation :

Director

Address :

Farm No.23, Road No. 1 Silver Oak Marg, Ghitorni, New Delhi – 110030, India

Date of Birth/Age :

08.11.1942

Date of Appointment :

27.09.2017

DIN No.:

00085848

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26102HR1981PTC012337	LUMAX GLASS WORKS PRIVATE LIMITED	04/06/1997	-
L31909MH1981PLC025519	LUMAX AUTO TECHNOLOGIES LIMITED	07/08/2013	-
U34300TN1997PLC048136	SL LUMAX LIMITED	08/08/1997	-
U74899DL1991PTC044328	LUMAX INTEGRATED VENTURES PRIVATE LIMITED	27/09/2016	-
U74899DL1995PTC065459	LUMAX INVESTMENT AND FINANCE PRIVATE LIMITED	15/02/1995	-
U34300DL1997PLC087110	LUMAX DK AUTO INDUSTRIES LIMITED	07/05/1997	-
U31401DL2003PTC122446	LUMAX ENERGY SOLUTIONS PRIVATE LIMITED	01/06/2006	-
U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	14/06/2007	-
U70101DL2009PTC196718	BACKCOUNTRY ESTATES PRIVATE LIMITED	08/12/2009	-
U35912DL2013PLC255694	LUMAX MANNOH ALLIED TECHNOLOGIES LIMITED	17/10/2014	-
U74999DL2016PTC305208	VELOMAX MOBILITY PRIVATE LIMITED	31/08/2016	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders (Equity Shares)	No. of Shares
Usha Jain	735752
Deepak Jain	304800
Anmol Jain	106200
Dhanesh Kumar Jain	189636
D.K. Jain & Sons (HUF)	12000
Dhanesh Kumar Jain (Nominee of D.K. Jain Family Trust)	6570000
Usha Jain (Nominee of D.K. Jain Family Trust)	5248800
Umesh Kumar Jain	6

Total	13167194

Names of Shareholders (Preference Shares)	No. of Shares
Lumax Ancillary Limited	8000000

Total	8000000

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2017

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

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of investment and finance. [Registered Activity]

Products / Services :

Name and Description of main products / services	ITC Code
Other financial services, except banking, insurance services	99711900

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	R. Jain and Sanjay Associates Chartered Accountants
Address :	1378/21, Ist Floor, Naiwala, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28753348 / 45542683
PAN No.:	AAAFR3730L

Memberships :	Not Available

Collaborators :	Not Available

Enterprises significantly influenced by Key management personnel and their relatives :	D. K. Jain Family Trust Lumax Tours and Travels Limited Lumax Auto Technologies Limited Lumax Industries Limited Lumax Ancillary Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

14220000	Equity Shares	INR 10/- each	INR 142.200 Million
10000000	Preference Shares	INR 10/- each	INR 100.000 Million

	Total		INR 242.200 Million

Issued Capital :

No. of Shares	Type	Value	Amount

13167194	Equity Shares	INR 10/- each	INR 131.672 Million
8000000	Preference Shares	INR 10/- each	INR 80.000 Million

	Total		INR 211.672 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

13167194	Equity Shares	INR 10/- each	INR 131.672 Million
8000000	Preference Shares	INR 10/- each	INR 80.000 Million
	Add: Share forfeiture account		INR 5.250 Million

	Total		INR 216.922 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	216.922	216.922	216.922
(b) Reserves & Surplus	135.798	135.167	104.283
(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)	352.720	352.089	321.205

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	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)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.000	0.009	0.009
(d) Short-term provisions	10.177	9.215	11.933
Total Current Liabilities (4)	10.177	9.224	11.942

TOTAL	362.897	361.313	333.147

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) 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	310.697	305.215	296.043
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	38.096	37.385	19.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	348.793	342.600	315.043

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.729	11.729	11.629
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	1.866	5.891	4.775
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.509	1.093	1.700
Total Current Assets	14.104	18.713	18.104

TOTAL	362.897	361.313	333.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Income	11.161	4.867	(14.900)
		Other Income	0.135	35.919	16.226
		TOTAL	11.296	40.786	1.326

Less	EXPENSES
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.000	(0.099)	(2.619)
		Other Expenses	0.536	0.248	0.478
		TOTAL	0.536	0.149	(2.141)

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.760	40.637	3.467

Less	FINANCIAL EXPENSES		0.000	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.760	40.637	3.467

Less	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX		10.760	40.637	3.467

Less	TAX		1.464	1.087	2.141

	PROFIT/(LOSS) AFTER TAX		9.296	39.550	1.326

	Earnings / (Loss) Per Share (INR)		0.05	2.35	(0.71)

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	6.104	13.171	18.888
Net cash flow from / (used in) operating activities	4.640	11.779	18.030

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365 Days)*	0.00	0.00	0.00

Account Receivables Turnover (Income / Sundry Debtors)	0.00	0.00	0.00

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	0.00	0.00	0.00

Inventory Turnover (Operating Income / Inventories)	0.92	3.46	0.30

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)	0.03	0.03	0.04

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

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.03	0.03	0.04

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

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

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) 100)*	%	83.29	812.62	-8.90

Return on Total Assets ((PAT / Total Assets) 100)*	%	2.56	10.95	0.40

Return on Investment (ROI) ((PAT / Networth) 100)*	%	2.64	11.23	0.41

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.39	2.03	1.52

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.23	0.76	0.54

G-Score Ratio Financial (Networth / Total Assets)	0.97	0.97	0.96

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

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.39	2.03	1.52

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	216.922	216.922	216.922
Reserves & Surplus	104.283	135.167	135.798
Net worth	321.205	352.089	352.720

Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	(14.900)	4.867	11.161
		(132.664)	129.320

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	(14.900)	4.867	11.161
Profit/(Loss)	1.326	39.550	9.296
	(8.90%)	812.62%	83.29%

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	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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 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	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION:

The company was incorporated on 31^st May 1990 under the name Sheela Finance Private Limited with the object to carry on the business of finance and investment. The company has altered its name to Lumax Finance Private Limited later on.

BUSINESS PERFORMANCE:

During the Financial Year 2016-17, the company recorded Income of INR 11.296 million as against INR 40.786 million during the previous year. The Profit for the year before tax stood at INR 10.760 million as against INR 40.637 million during the previous year.

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 67.96
UK Pound	1	INR 91.88
Euro	1	INR 80.28

INFORMATION DETAILS

Information Gathered by :	SPR

Analysis Done by :	VVK

Report Prepared by :	NKT

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.