MIRA INFORM REPORT

Report No. :	510102
Report Date :	25.05.2018

IDENTIFICATION DETAILS

Name :	S R POLYVINYL LIMITED
Registered Office :	4261/3, Jai Mata Market, Trinagar, New Delhi - 110035
Tel. No.:	91-11-27395185/ 27393419
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	28.07.2010
Com. Reg. No.:	55-206376
Capital Investment / Paid-up Capital :	INR 4.243 Million
CIN No.: [Company Identification No.]	U51909DL2010PLC206376
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAOCS5756Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Polymers. (Confirmed by Management) Manufacturer, Importers and Exporters of Polymers. (Registered Activity)
No. of Employees :	20 (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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. It is trader and importer of Polymers. For the financial year 2017, the revenue of the company has increased by 8.18% along with low profit margin of 0.30%. Rating takes into consideration the satisfactory financial profile of the company marked by comfortable networth base along with negligible debt level. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	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 25.05.2018

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 (GENERAL DETAILS)

Name :	Ms. Neelam
Designation :	Account Department
Contact No.:	91-11-27395185
Date :	19.05.2018

LOCATIONS

Registered Office :	4261/3, Jai Mata Market, Trinagar, New Delhi – 110035, India
Tel. No.:	91-11-27395185/ 27393419
Fax No.:	Not Available
E-Mail :	srpolyvinyl@gmail.com

DIRECTORS

As on 31.03.2016

Name :

Mr. Dilip Kumar Agarwal

Designation :

Director

Address :

House No.7, Congress Maidan Kadamkuan, Patna-800003, Bihar, India

Date of Birth/Age :

31.03.1971

Date of Appointment :

28.07.2010

Qualification:

Graduate

PAN No.:

AAVPA7283L

DIN No.:

00701220

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109BR1992PTC004814	SRI SINGHAL FOAMS PRIVATE LIMITED	11/09/2001	-
U00265BR1996PTC007155	MRINAL FABRICS PRIVATE LIMITED	29/03/1996	-

Name :

Mr. Rajendra Prasad Agarwal

Designation :

Director

Address :

E 29, Block – E, Prashant Vihar, Delhi-110085, India

Date of Birth/Age :

01.12.1955

Date of Appointment :

28.07.2010

PAN No.:

AAPPA3252M

Qualification:

Graduate

DIN No.:

01886768

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24233DL2007PLC171169	SSF POLYMERS LIMITED	06/12/2007	-

Name :

Mr. Purushottam Kumar Agrawal

Designation :

Director

Address :

Sahay Compound, New Area, Kadamkuan Congress Maidan, Patna- 800003, Bihar, India 

Date of Birth/Age :

02.08.1957

Date of Appointment :

28.07.2010

PAN No.:

ACXPA4767D

Qualification:

Graduate

DIN No.:

02535335

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U28991RJ1990PTC007708	ALWAR MANUFACTURERS PRIVATE LIMITED	29/04/1991	-

Name :

Mr. Rahul Agarwal

Designation :

Director

Address :

E-29, Sector 14, Prashant Vihar, Rohini Sector-7, Delhi-110085, India

Date of Birth/Age :

05.12.1984

Date of Appointment :

10.03.2016

PAN No.:

AGAPA5682Q

Qualification:

Graduate

DIN No.:

07449677

Name :

Mr. Ashok Kumar Agrawal

Designation :

Director

Address :

Panday Nursing Compound, North Congress, Maidan Kadam Kuan, Patna-800003, Bihar, India 

Date of Birth/Age :

12.10.1962

Date of Appointment :

10.03.2016

PAN No.:

ADPPA2307J

Qualification:

Graduate

DIN No.:

07450849

Name :

Mr. Harivansh Sharma

Designation :

Director

Address :

58, Viakssheel Apartment, Sector 13, Rohini Delhi-110085, India

Date of Birth/Age :

21.07.1994

PAN No.:

EJKPS2530E

Date of Appointment :

14.05.2016

Qualification:

Graduate

DIN No.:

07496808

Name :

Mr. Bishamber Dayal Garg

Designation :

Director

Address :

House No 29,Mahipal Bhawan, Devi Bhawan Colony, Near Guru Nanak High School, Hissar-125001, Haryana, India

Date of Birth/Age :

10.04.1954

PAN No.:

AAYPG9319G

Date of Appointment :

14.05.2016

Qualification:

Graduate

DIN No.:

07496841

KEY EXECUTIVE

Name :	Ms. Neelam
Designation :	Account Department
Name :	Dolly Vilacha and Company
Designation :	Company Secretaries
Address:	A-45, 2^nd Floor, Krishna Park Extension, Gali No.10, Tilak Nagar, Delhi – 110018, India
Email:	csdollyvilacha@gmail.com dollysachinsaluja@gmail.com
Mob. No:	91-9717827752/ 9717716752

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	32.13
Public/Other than promoters (Individual/Hindu Undivided Family-Indian)	66.48
Public/Other than promoters (Others - Hindu Undivided Family)	1.39
Total	100.00

BUSINESS DETAILS

Line of Business :

• Trader and Importer of Polymers. (Confirmed by Management)

• Manufacturer, Importers and Exporters of Polymers. (Registered Activity)

Products/ Services :

Item/NIC Code No.	Products/ Services Description
39019090	Other Polymers of Ethyline In Primary Forms
39013000	Ethylene Vinyl Acetate Copolymers
39095000	Polyurethanes
39042210	P V C By Emulsion Method Resins
39041090	Other Poly Vinyl Chloride Not Mixed With Other

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Polymers

Countries :

• China
• Italy

Terms :

Selling :

Cash, Advance Payment and Credit

Purchasing :

Cash, Advance Payment and Credit

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 :

Wholesalers and Retailers

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

No. of Employees :

20 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Karol Bagh, New Delhi-110005, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

ING Vysya Bank Limited, 55, Ground Floor, West Avenue Road, Punjabi Bagh, New Delhi-110026, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Working capital loans from banks	23.484	14.269
Total	23.484	14.269

Auditors :
Name :	Harvinder Arora and Associates Chartered Accountants
Address :	E-63, 1st Floor, Guru Nanak Pura Jail Road, Delhi-110058, India
Tel. No:	91-11-41004195
Mob. No:	91-9811244581/ 9268202083
Income-tax PAN of auditor or auditor's firm :	ADPPA0892A
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Alwar Manufacturers Private Limited, India (U28991RJ1990PTC007708) SSF Polymers Limited, India (U24233DL2007PLC171169) Mrinal Fabrics Private Limited, India (U00265BR1996PTC007155) Trimac Products Private Limited, India (U26921DL2001PTC309393)

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
424333	Equity Shares	INR 10/- each	INR 4.243 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	4.243	4.243	4.243
(b) Reserves and Surplus	87.976	84.016	80.929
(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)	92.219	88.259	85.172
(3) Non-Current Liabilities
(a) long-term borrowings	51.948	41.655	41.216
(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)	51.948	41.655	41.216
(4) Current Liabilities
(a) Short-term borrowings	23.484	14.269	11.301
(b) Trade payables	155.265	159.896	93.231
(c) Other current liabilities	6.652	8.949	1.785
(d) Short-term provisions	1.820	1.465	1.196
Total Current Liabilities (4)	187.221	184.579	107.513
TOTAL	331.388	314.493	233.901
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.896	7.197	7.707
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.225	0.188	0.111
(d) Long-term loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	8.034	7.054	7.054
Total Non-Current Assets	15.155	14.439	14.872
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.448	84.540	46.303
(c) Trade receivables	123.574	134.548	99.227
(d) Cash and bank balances	26.708	19.061	15.864
(e) Short-term loans and advances	72.250	39.671	38.563
(f) Other current assets	28.253	22.234	19.072
Total Current Assets	316.233	300.054	219.029
TOTAL	331.388	314.493	233.901

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1330.836	1230.208	1101.266
	Other Income	6.627	2.100	2.875
	TOTAL	1337.463	1232.308	1104.141
Less	EXPENSES
	Purchases of Stock-in-Trade	1282.773	1237.496	1083.232
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	19.092	(38.237)	(17.384)
	Employee benefit expense	3.155	1.818	1.966
	Other expenses	20.573	21.387	23.066
	TOTAL	1325.593	1222.464	1090.880
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	11.870	9.844	13.261
Less	FINANCIAL EXPENSES	5.649	4.754	9.028
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.221	5.090	4.233
Less	DEPRECIATION/ AMORTISATION	0.460	0.612	0.721
	PROFIT/ (LOSS) BEFORE TAX	5.761	4.478	3.512
Less	TAX	1.783	1.390	1.098
	PROFIT/ (LOSS) AFTER TAX	3.978	3.088	2.414
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2.734	2.362	0.733
	TOTAL EARNINGS	2.734	2.362	0.733
	Earnings / (Loss) Per Share (INR)	9.38	7.28	5.69

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
Net cash flows from (used in) operations	4.138	7.292	34.926
Net cash flows from (used in) operating activities	(2.995)	1.340	32.639

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	33.89	39.92	32.89
Account Receivables Turnover [Income / Sunday Debtors]	10.77	9.14	11.10
Average Payment Days [Sundry Creditors / Purchases * 365]	44.18	47.16	31.41
Inventory Turnover [Operating Income / Inventories]	0.18	0.12	0.29
Asset Turnover [Operating Income / Net Fixed Assets]	1.72	1.37	1.72

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.72	0.72	0.64
Debt Equity Ratio (Borrowings / NetWorth)	0.82	0.63	0.62
Current Liabilities to Networth (Current Liabilities / NetWorth)	2.03	2.09	1.26
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.07	0.08	0.09
Interest Coverage Ratio [PBIT / Financial Charges]	2.10	2.07	1.47

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	0.30	0.25	0.22
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	1.20	0.98	1.03
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	4.31	3.50	2.83

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	1.69	1.63	2.04
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	1.34	1.17	1.61
G-Score Ratio Financial [NetWorth / Total Assets]	0.28	0.28	0.36
G-Score Ratio Debt [Debts / Equity Capital]	17.78	13.18	12.38
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.69	1.63	2.04

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	4.243	4.243	4.243
Reserves & Surplus	80.929	84.016	87.976
Net worth	85.172	88.259	92.219
Long-term borrowings	41.216	41.655	51.948
Short term borrowings	11.301	14.269	23.484
Total borrowings	52.517	55.924	75.432
Debt/Equity ratio	0.617	0.634	0.818

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	1101.266	1230.208	1330.836
		11.709	8.180

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	1101.266	1230.208	1330.836
Profit/ (Loss)	2.414	3.088	3.978
	0.22 %	0.25 %	0.30 %

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	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)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

STATE OF COMPANY’S AFFAIRS

During the financial year, the sales/turnover of the company increased approximately by 8.18 % from INR 1230.208 million during the last financial year to INR 1330.836 million in the current financial year. The profit after tax increased approximately by 28.82 % from INR 3.088 million in the previous financial year to INR 3.978 million in the current financial year.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	51.948	41.655
Total	51.948	41.655

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G79655783	100161026	INDUSIND BANK LTD.	30/08/2017	-	-	160000000.0	2401 GEN THIMMAYYA ROADCONTONMENTPUNEMa411001IN
2	G51960367	10402875	ING VYSYA BANK LIMITED	29/12/2012	24/03/2015	10/08/2017	145000000.0	55,GROUND FLOOR,WEST AVENUE ROAD,PUNJABI BAGH,New DelhiDL110026IN
3	G35900273	10314759	Bank of Baroda	19/10/2011	-	15/02/2017	50000000.0	Karol BaghNew DelhiDL110005IN

FIXED ASSETS

• Land
• Motor vehicles
• Office equipment
• Computer equipments

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 68.21
UK Pound	1	INR 91.43
Euro	1	INR 80.24

INFORMATION DETAILS

Information Gathered by :	STL
Analysis Done by :	VRS
Report Prepared by :	MTN

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.