MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	496553
Report Date :	26.05.2018

IDENTIFICATION DETAILS

Name :	SAMVARA BUILDTECH PRIVATE LIMITED (w.e.f. 06.05.2013)

Formerly Known As :	MAA PADMAVATI BUILDTECH PRIVATE LIMITED

Registered Office :	412, Floor- 4, 17G , Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-23024400

Country :	India

Financials (as on) :	31.03.2016

Date of Incorporation :	28.03.2007

Com. Reg. No.:	11-169315

Capital Investment / Paid-up Capital :	INR 0.106 Million

CIN No.: [Company Identification No.]	U45400MH2007PTC169315

IEC No.:	Not Applicable (As informed by the management that firm does not have export and import)

GSTIN :	Not Divulged

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

PAN No.: [Permanent Account No.]	AAFCM1909G

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged into Construction and Development of Real Estate and Allied Activities. [Registered activity]

No. of Employees :	Information declined 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
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Amalgamated

Payment Behaviour :	--

Litigation :	--

Comments :	As per the Registrar Of Companies, company’s status is shown as amalgamated. However, the company has denied providing any information about the same and no information could be made available from any sources. Subject was incorporated in the year 2007. It is a part of Lodha Group. In view of amalgamation, we do not recommend any business dealings with the subject. NOTE 1: Site visit was conducted at the given address which you have provided and our executive has found the group company on the said address. At the premises our executive met the receptionist (name not divulged) who denied providing any information. As per our executive’s observation, it is 14 storey building and the address is located at the 8th floor of the building. Location was easy to find. Locality appears to be commercial. Area seems to be upmarket. Name of subject was not sighted instead name board of Lodha Group was sighted at the said address. NOTE 2: Site visit was conducted at the registered address which you have provided and our executive has found the group company on the said address. At the premises our executive met the one of the executive (name not divulged) who provided the contact details. As per our executive’s observation, it is 5 storey building and the address is located at the 4th floor of the building. Location was easy to find. Locality appears to be commercial. Area seems to be upmarket. Name of subject was not sighted instead name board of Lodha Group was sighted at the said address.

NOTES :

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

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 26.05.2018.

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. Vijay Sadade
Designation :	Manager
Contact No.:	91-9167300490
Date :	09.03.2018

Name :	Ms. Roshni
Contact No.:	91-7506410977
Date :	12.03.2018

Tel. No.: 91-9167300490 Ringing.

LOCATIONS

Registered Office :	412, Floor- 4, 17G , Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-23024400
Mobile No.:	91-9167300490 [Mr. Vijay Sadade]
Fax No.:	91-22-23024550
E-Mail :	vijay.sadade@lodhagroup.com
Location :	Owned
Locality :	Commercial

Head Office :	Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Bharatkumar Babulal Jain
Designation :	Director
Address :	A-1902, Gurukul Chs Limited J.S. Road, Near Jain Mandir, Dahisar (West), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	15.05.1979
Qualification :	CA
Date of Appointment :	14.04.2014
DIN No.:	06705168

Name :	Mr. Amit Ashok Kamble
Designation :	Director
Address :	A 5/ 102, Ashtavinayak Park, Ramesh Wadi, Badlapur- West, Thane, Mumbai – 421503, Maharashtra, India
Date of Birth/Age :	13.06.1982
Qualification :	B. Com
Date of Appointment :	04.10.2013
DIN No.:	06706452

KEY EXECUTIVES

Name :	Mr. Vijay Sadade
Designation :	Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
Lodha Developers Private Limited, India		10595
Palava Dwellers Private Limited, India		1

Total		10596

Equity Share Break up (Percentage of Total Equity)

AS ON 12.09.2017

Category	Percentage
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into Construction and Development of Real Estate and Allied Activities. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Real Estate	410

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 declined by the management

Bankers :

Banker Name :	Kotak Mahindra Bank Limited
Branch :	36-38 A, Nariman Point, 227, Nariman Point, Mumbai – 400021, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	91-22-66581100
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 :	Number is continuously ringing.

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
SHORT TERM BORROWING
Term loans from banks	1499.981	1500.002

Total	1499.981	1500.002

Auditors :
Name :	Shanker and Kapani Chartered Accountants
Address :	N.T.C. House, 2ndFloor, 15, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFS6521L

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Lodha Developers Private Limited U45200MH1995PTC093041 Lodha Land Developers Private Limited U45201MH2006PTC163909

Ultimate Holding Company :	Sambhavnath Infrabuild and Farms Private Limited (Holding Company of LDPL)

Fellow Subsidiary Company :	Bellissimo HI-Rise Builders Private Limited U45201MH2007PTC166673 Microtec Constructions Private Limited U45201MH2006PTC165646 Nabhiraja Software Design Private Limited U72200MH2006PTC160863 Lodha Impression Real Estate Private Limited U45200MH2007PTC166830 Palava Dwellers Private Limited U70100MH2005PTC154993 Sanathnagar Enterprises Limited L99999MH1947PLC252768 Shree Sainath Enterprises Construction and Developers Private Limited U45208MH2013PTC250500 Sarvvasa Buildtech & Farms Private Limited U45200MH2008PTC177494 Shreeniwas Cotton Mills Limited U70104MH1935PLC002249 Simtools Private Limited U99999MH1964PTC012859 Dalhousie Leasing And Financial Services Private Limited U65910MH1994PTC249085 Cowtown Land Development Private Limited U70100MH1985PTC038213 Ishwer Realty And Technologies Private Limited U45200MH2012PTC235599 Jawala Real Estate Private Limited U74999DL2005PTC135519 Lodha Crown Buildmart Private Limited U45202MH2007PTC169025 Lodha Estate Private Limited. U99999MH1994PTC076937

Enterprises which are owned, or have s significant influence of or are partners with Key management personnel and their relatives :	JVPD One Private Limited U70102MH2012PTC230624

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount

160000	Equity Shares	INR 10/- each	INR 1.600 Million
40000	Preference Shares	INR 10/- each	INR 0.400 Million
	Total		INR 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10596	Equity Shares	INR 10/- each	INR 0.106 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.106	0.106	0.106
(b) Reserves & Surplus	(9.669)	54.977	63.483
(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)	(9.563)	55.083	63.589

(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	4125.597	4084.129	977.925
(b) Trade payables	62.492	2.101	4.759
(c) Other current liabilities	635.826	164.390	29.498
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	4823.915	4250.620	1012.182

TOTAL	4814.352	4305.703	1075.771

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.013	0.042	0.065
(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	0.779	0.779	0.779
(c) Deferred tax assets (net)	39.967	9.171	7.376
(d) Long-term Loan and Advances	3.473	1.837	8.853
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	44.232	11.829	17.073

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	236.214	74.582	1.236
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	20.350	2.321	0.568
(e) Short-term loans and advances	4207.026	3986.973	1044.736
(f) Other current assets	306.530	229.998	12.158
Total Current Assets	4770.120	4293.874	1058.698

TOTAL	4814.352	4305.703	1075.771

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Income	4.113	0.000	17.496
		Other Income	0.911	0.057	0.717
		TOTAL	5.024	0.057	18.213

Less	EXPENSES
		Cost of Materials Consumed	0.000	0.305	7.948
		Purchase of Stock-in-trade	0.000	0.000	15.806
		Employee Benefits Expenses	0.000	0.000	0.555
		Other Expenses	99.907	4.760	6.718
		TOTAL	99.907	5.065	31.027

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(94.883)	(5.008)	(12.814)

Less	FINANCIAL EXPENSES		0.916	0.548	0.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(95.799)	(5.556)	(12.814)

Less	DEPRECIATION/ AMORTISATION		0.045	0.023	0.010

	PROFIT/(LOSS) BEFORE TAX		(95.844)	(5.579)	(12.824)

Less	TAX		(31.198)	2.928	(3.444)

	PROFIT/(LOSS) AFTER TAX		(64.646)	(8.507)	(9.380)

	Earnings / (Loss) Per Share (INR)		(6100.98)	(802.85)	(885.48)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	222.503	(1834.721)	(975.246)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Payment Days (Sundry Creditors / Purchases 365 Days)*	NA	2514.31	73.13

Inventory Turnover (Operating Income / Inventories)	(0.40)	(0.07)	(10.37)

Asset Turnover (Operating Income / Net Fixed Assets)	(7298.69)	(119.24)	(197.14)

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.00	0.99	0.94

Debt Equity Ratio (Total Liability / Networth)	(431.41)	74.14	15.38

Current Liabilities to Networth (Current Liabilities / Net Worth)	(504.44)	77.17	15.92

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

Interest Coverage Ratio (PBIT / Financial Charges)	(103.58)	(9.14)	NA

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) 100)*	%	(1571.75)	#DIV/0!	(53.61)

Return on Total Assets ((PAT / Total Assets) 100)*	%	(1.34)	(0.20)	(0.87)

Return on Investment (ROI) ((PAT / Networth) 100)*	%	676.00	(15.44)	(14.75)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.99	1.01	1.05

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.94	0.99	1.04

G-Score Ratio Financial (Networth / Total Assets)	0.00	0.01	0.06

G-Score Ratio Debt (Debts / Equity Capital)	38920.73	38529.52	9225.71

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.99	1.01	1.05

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	0.106	0.106	0.106
Reserves & Surplus	63.483	54.977	(9.669)
Net worth	63.589	55.083	(9.563)

long-term borrowings	0.000	0.000	0.000
Short term borrowings	977.925	4084.129	4125.597
Total borrowings	977.925	4084.129	4125.597
Debt/Equity ratio	15.379	74.145	(431.412)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Total Income	18.213	0.057	5.024
		(99.687)	8,714.035

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Total Income	18.213	0.057	5.024
Profit	(9.380)	(8.507)	(64.646)
	(51.50%)	(14924.56%)	(1286.74%)

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	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

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2016	As on 31.03.2015
SHORT TERM BORROWING
Loans and advances from others	2625.616	2584.127

Total	2625.616	2584.127

INDEX OF CHARGE:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C16470767	10515010	IDBI TRUSTEESHIP SERVICES LIMITED	04/08/2014	-	-	2500000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN
2	B45568912	10284132	STATE BANK OF INDIA	09/03/2011	-	01/08/2012	140000000.0	COMMERCIAL BRANCH(ADVANCES),N.G.N. VAIDHYA MARG,BANK STREET,HORNIMAN CIRCLE,POSTBOX 10141.MUMBAIMH400001IN
3	B01644095	10152580	Bank of Baroda	13/03/2009	-	23/12/2010	250000000.0	V. P. Road Branch,136, Vithalbhai Patel Road,MumbaiMH400004IN
4	A63694731	10131053	KOTAK MAHINDRA BANK LIMITED	29/10/2008	-	11/06/2009	100000000.0	36-38A, NARIMAN BHAVAN, 227,D,NARIMAN POINT,MUMBAIMH400021IN
5	A51361814	10115053	KOTAK MAHINDRA PRIME LIMITED	09/07/2008	-	05/11/2008	300000000.0	36-38A NARIMAN BHAVAN,227, NARIMAN POINT,MUMBAIMH400021IN

OBSERVATION FORM [SITE VISIT 1]

COMPANY NAME: SAMVARA BUILDTECH PRIVATE LIMITED

ADDRESS: Lodha Excelus, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India

NAME BOARD: Not Sighted [Sighted name board of “Lodha Group”]

LOCATION: Easy

TOTAL FLOORS OF THE BUILDING: 14 Floors

SUBJECT SITUATED ON 8th Floor

LOCALITY: Commercial

AREA: Upmarket

VISIBILITY OF ITEMS:

FURNITURE ITEMS SIGHTED:

PROOF OF VISIT: Photograph

OBSERVATION FORM [SITE VISIT 2]

COMPANY NAME: SAMVARA BUILDTECH PRIVATE LIMITED

ADDRESS: 412, Floor- 4, 17G , Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India

CONTACT NO.: 91-22-61334000

NAME BOARD: Not Sighted [Sighted name board of “Lodha Group”]

LOCATION: Easy

TOTAL FLOORS OF THE BUILDING: 5 Floors

SUBJECT SITUATED ON 4^th Floor

LOCALITY: Commercial

AREA: Upmarket

PROOF OF VISIT: Photograph

FIXED ASSETS:

Plant and equipment
Office equipment
Computer equipment

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 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	NIY

Report Prepared by :	JYO

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.