MIRA INFORM REPORT

Report No. :	510050
Report Date :	21.05.2018

IDENTIFICATION DETAILS

Name :	J N FREIGHT FORWARDERS PRIVATE LIMITED
Registered Office :	XIV/1-C, 1st Floor, Near Csez Seaport - Airport Road, Kakkanadu, Kochi – 682037, Kerala
Tel. No.:	91-484-4182250
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	10.07.2002
Com. Reg. No.:	09-015525
Capital Investment / Paid-up Capital :	INR 4.500 Million
CIN No.: [Company Identification No.]	U63090KL2002PTC015525
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCJ1901B
GSTN : [Goods & Service Tax Registration No.]	32AABCJ1901B1ZJ
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of custom house agents engaged in Freight forwarding, clearing and forwarding and other allied activities (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Maximum Credit Limit :	USD 92000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject incorporated in the year 2002 and it is having satisfactory track records. For the financial year 2017, the company has registered decrease its revenue from operations as compared to previous year and maintained average profitability margin of 1.45%. General financial position of the company seems to be sound and acceptable along with low debt balance sheet. Further, rating derives strength from its long standing track records of business operations However, rating strength is partially offset by declined in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments are seems to be slow but 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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

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 21.05.2018

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 BY

Name :	Mr. Sandeep
Designation :	Accounts Executive
Contact No.:	91-484-4182250
Date :	18.05.2018

LOCATIONS

Registered Office/ Head Office 1 :	XIV/1-C, 1st Floor, Near Csez Seaport - Airport Road, Kakkanadu, Kochi – 682037, Kerala, India
Tel. No.:	91-484-4182250
Fax No.:	Not Available
E-Mail :	jnfrtaccts@dishnetdsl.net
Website :	http://jnfreight.com
Head Office 2 / Regional Office 1:	Door No:39/3720 C, 1st Floor, S R Complex, Chittoor Road, Ravipuram, Kochi-682016, Kerala, India
Tel. No.:	91-484 4182222
Fax No.:	91-484 2666034
E-Mail :	sales1@jnfreight.com
Branch Offices :	Located at : · Mangalore  · Tuticorin · Chennai
Regional Offices :	Also Located at : · Mangalore  · Tuticorin · Chennai  · Vishakhapatnam · Kakkanad (CSEZ) · Kollam  · Trivandrum

DIRECTORS

As on 31.03.2017

Name :

Mr. Kadalikadan Gopalan Gireendrababu

Designation :

Managing Director

Address :

326 A, Krishna Panorama Nagar, Maradu P.O., Ernakulam-682304, Kerala, India 

Date of Appointment :

10.07.2002

DIN No.:

01951746

Name :

Mr. Prathapachandran Purushothama Shenoy

Designation :

Whole-Time Director

Address :

H No. XII/313, Cochin College Road Mattanchery P.O. Ernakulam- 682002, Kerala, India 

Date of Appointment :

10.07.2002

DIN No.:

01951712

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U61100KL2016PTC039895	OGO CRUISES PRIVATE LIMITED	15/01/2016	-

Name :

Mr. Deepak Kumar Shetty

Designation :

Director

Address :

28/2893 A, Vrindavan, South Ponneth Temple Road Panampilly Nagar Ernakulam-682020, Kerala, India 

Date of Appointment :

10.07.2002

DIN No.:

01951780

Name :

Mr. Malar Pavoor Devadasa Shetty

Designation :

Director

Address :

Devashree, New No. C/33, Old No.25 N. R. Layout, Off Nal Road, Murugesh Palya, Bangalore-560017, Kerala, India 

Date of Appointment :

10.07.2002

DIN No.:

01993729

KEY EXECUTIVES

Name :	Mr. Sandeep
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	Percentage
K. G. Gireendra Babu	1340	29.78
P Prathapachandran	1340	29.78
Deepak Kumar Shetty	800	17.78
Devadas Shetty	150	3.33
Lakshmi DeepakKumar Shetty	150	3.33
Sandhya Prathapachandran	210	4.67
Prameela Gheendra Babu	210	4.67
Chinmaya M Shetty	300	6.66
Total	4500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	80.67
Public/Other than promoters (Individual/Hindu Undivided Family – Indian)	19.33
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of custom house agents engaged in Freight forwarding, clearing and forwarding and other allied activities (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99679100	Freight transport agency services and other freight transport services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

· 7Elevan Shipping Private Limited

· Tosh & Sons (India) Ltd

· Accelerate Freight Services Co LLC

· APL India Private Limited

· ATM Global Logistics (S) Pte. Limited

· George AC

· Belglobe

· Best Services International Freight Limited

· Cargo Tours International, Inc.

· China Global Maritime

Customers :

· Agri Base Commodities

· Akay Flavours and Aromatics Private Limited

· Asian Spices

· Cardolite Specialty Chemicals India LLP

· Clara Lights

· Diamond Nuts

· Elements Homestead Products

· Fernandes Brothers

· Fiber ln Home

No. of Employees :

Not Divulged

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
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 :	--

· Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loan
Long term maturities of Hire purchase loans
From Banks	2.720	3.478
Short-term borrowings
Short term maturities of Hire purchase loans
From Banks	2.586	2.780
Loans repayable on demand
Overdraft from Kotak Mahindra Bank Limited	15.414	18.404
Total	20.720	24.662

Auditors :
Name :	B. K. Kamath and Company Chartered Accountants
Address :	Gujarathi Road, Kochi – 682002, Kerala, India
Income-tax PAN of auditor or auditor's firm :	ACMOK3889M
Memberships :	Not Available
Collaborators :	Not Available
Associate Firm :	Jai Narayana Shipping Company

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
4500	Equity Shares	INR 1000/- each	INR 4.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500	Equity Shares	INR 1000/- each	INR 4.500 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.500	4.500	4.500
(b) Reserves & Surplus	27.761	27.218	23.995
(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)	32.261	31.718	28.495
(3) Non-Current Liabilities
(a) long-term borrowings	6.487	5.475	10.358
(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)	6.487	5.475	10.358
(4) Current Liabilities
(a) Short term borrowings	18.783	23.613	29.556
(b) Trade payables	10.117	7.978	14.384
(c) Other current liabilities	5.815	3.799	13.089
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	34.715	35.390	57.029
TOTAL	73.463	72.583	95.882
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.966	27.719	27.674
(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	0.025	0.025	0.025
(c) Deferred tax assets (net)	(0.031)	0.719	0.396
(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	24.960	28.463	28.095
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	29.763	20.146	38.833
(d) Cash and cash equivalents	3.240	10.748	14.318
(e) Short-term loans and advances	15.500	13.226	12.816
(f) Other current assets	0.000	0.000	1.820
Total Current Assets	48.503	44.120	67.787
TOTAL	73.463	72.583	95.882

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	37.401	67.802	74.469
	Other Income	6.914	2.692	1.339
	TOTAL	44.315	70.494	75.808
Less	EXPENSES
	Employees benefits expense	13.106	15.064	11.341
	Other expenses	20.819	39.148	46.268
	TOTAL	33.925	54.212	57.609
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	10.390	16.282	18.199
Less	FINANCIAL EXPENSES	3.136	5.135	5.327
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.254	11.147	12.872
Less/ Add	DEPRECIATION/ AMORTISATION	5.656	6.463	6.943
	PROFIT/ (LOSS) BEFORE TAX	1.598	4.684	5.929
Less	TAX	1.054	1.461	2.054
	PROFIT/ (LOSS) AFTER TAX	0.544	3.223	3.875
	EARNINGS IN FOREIGN CURRENCY
	Freight Earnings	18.512	38.962	18.941
	TOTAL EARNINGS	18.512	38.962	18.941
	Earnings / (Loss) Per Share (INR)	121.00	716.00	861.00

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

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	290.46	108.45	190.33
Account Receivables Turnover (Income / Sundry Debtors)	1.26	3.37	1.92
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.42	0.59	0.66

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.56	0.56	0.70
Debt Equity Ratio (Total Liability / Networth)	0.78	0.92	1.40
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.08	1.12	2.00
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.77	0.87	0.97
Interest Coverage Ratio (PBIT / Financial Charges)	3.31	3.17	3.42

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.45	4.75	5.20
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.74	4.44	4.04
Return on Investment (ROI) ((PAT / Networth) * 100)	%	1.69	10.16	13.60

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.40	1.25	1.19
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.40	1.25	1.19
G-Score Ratio Financial (Networth / Total Assets)	0.44	0.44	0.30
G-Score Ratio Debt (Debts / Equity Capital)	5.62	6.46	8.87
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.40	1.25	1.19

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	4.500	4.500	4.500
Reserves & Surplus	23.995	27.218	27.761
Net worth	28.495	31.718	32.261
long-term borrowings	10.358	5.475	6.487
Short term borrowings	29.556	23.613	18.783
Total borrowings	39.914	29.088	25.270
Debt/Equity ratio	1.401	0.917	0.783

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	74.469	67.802	37.401
		(8.953)	(44.838)

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	74.469	67.802	37.401
Profit	3.875	3.223	0.544
	5.20%	4.75%	1.45%

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	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	No
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	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	No
35]	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The Company is incorporated under lh6 provisions of the Companies Act, 1956. The Company is a licensed Custom House Agent engaged in Freight Forwarding, Clearing and Forwarding and other allied activities. The heed offices is located at Kakkanad, Cochin - 37 with branches at Tuticorin, Mangalore. Chennai etc.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Long term maturities of Business loans
From Banks	2.217	1.147
Loan from Directors	1.550	0.850
Short-term borrowings
Long term maturities of Business loans
From Banks	0.783	2.429
Total	4.550	4.426

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G59772210	100128378	HDFC BANK LIMITED	17/06/2017	09/10/2017	-	27500000.0	HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MAHARASHTRA 400013 INDIA
2	Y10094885	90020354	CENTURIAN BANK LIMITED	31/12/2004	-	-	1183315.0	1ST FLOOR; CHOICE TOWERSMANORAMA JUCTION COCHIN KERALA INDIA
3	Y10093959	90019428	CENTURIAN BANK LIMITED	17/10/2003	-	-	887390.0	1ST FLOOR; CHOICE TOWERSMANORAMA JUCTION COCHIN KERALA INDIA
4	G57388217	100030760	KOTAK MAHINDRA BANK LIMITED	29/02/2016	24/03/2016	25/09/2017	18500000.0	27BKC, C 27, G Block Bandra Kurla Complex, Bandra (E), Mumbai MAHARASHTRA 400051 INDIA
5	G07210768	10102410	UCO BANK	06/03/2008	17/11/2011	15/06/2016	10000000.0	WILLINGDON ISLAND COCHIN KERALA 682003 INDIA
6	G01127349	10143885	SYNDICATE BANK	08/01/2009	-	28/03/2016	1446000.0	KALOOR BRANCH ERNAKULAM KOCHI KERALA 682017 INDIA
7	A74935602	10106879	VIJAYA BANK	29/03/2008	-	26/11/2009	2000000.0	WILLINGDON ISLAND KOCHI KERALA 682003 INDIA
8	A36537165	10027884	CENTURION BANK OF PUNJAB LIMITED	25/10/2006	-	25/03/2008	2800000.0	CHOICE TOWERS MANORAMA JUNCTION COCHIN KERALA 682016 INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Service tax and demanded as per order u/s 73(2) dated 25-01-2013 in respect of the period 2006-07 to 2011-2012	117.122	117.123
Service tax & Penalty demanded as per order u/s 73(2) dated 11-05-2015 in respect of the period 2012-13	5.643	5.643

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Computer
• Motor cars
• Trailors
• Plant and Machinery

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 67.95
UK Pound	1	INR 91.88
Euro	1	INR 80.27

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	PRA
Report Prepared by :	JYTK

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	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.