MIRA INFORM REPORT

Report No. :	511118
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	CALCUTTA COMPRESSIONS AND LIQUEFACTION ENGINEERING LIMITED (w.e.f. 11.03.2010)
Formerly Known As :	CALCUTTA COMPRESSIONS & LIQUEFACTION ENGINEERING PRIVATE LIMITED
Registered Office :	Unit No. 203, 2nd Floor, 52A, Shakespeare Sarani, Chandan Niketan, Kolkata – 700017, West Bengal
Mobile No.:	91-9323810041 (Mr. Kishore Thakkar)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	30.12.2004
Com. Reg. No.:	21- 100920
Capital Investment / Paid-up Capital :	INR 48.664 Million
CIN No.: [Company Identification No.]	U51410WB2004PLC100920
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.]	FLTPS1923R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Wholesaler of solid, liquid and gaseous fuels and related products. [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 :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “Everest Kanto Cylinder Limited” incorporated in the year 2004 and it is engaged as wholesaler of solid, liquid and gaseous fuels and related products. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year but has reported heavy losses during the year. The loss has been accumulated and it has exceeded the capital of the company, which resulted in the erosion of the net worth during the year. Rating gets constrained on account of weak financial profile marked by negative net worth base due to continuous accumulated losses incurred resulting weaker cash flows. However rating weakness are partially offset by entrepreneurial experience of the promoters in the industry. Payments seems to be slow. In view of aforesaid the company can be considered for business dealings on fully safe and secure 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

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 28.05.2018

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. Satish
Designation :	Accounts Department
Contact No.:	91-22-30268300
Name :	Mr. Kishore Thakkar
Designation :	Chief Finance Officer
Contact No.:	91-9323810041
Date :	24.05.2018

LOCATIONS

Registered Office :	Unit No. 203, 2nd Floor, 52A, Shakespeare Sarani, Chandan Niketan, Kolkata – 700017, West Bengal, India
Tel. No.:	91-22-30268300
Mobile No.:	91-9323810041 (Mr. Kishore Thakkar)
Fax No.:	Not Available
E-Mail :	alok.bodas@ekc.in
Branch Office:	204, Raheja Centre, Free Press Journal Marg, 214, Nariman Point, Mumbai- 400021, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Rajiv Shankarankutty Menon

Designation :

Wholetime Director

Address :

B-5, 101, La Habitat, Near Aiyana Complex Opposite Shukun Bunglows, Off. S.G. Highway, Thaltej Ahmedabad 380054, Gujarat, India

Date of Birth/Age :

08.05.1979

Date of Appointment :

22.04.2009

DIN No.:

01958636

PAN No.:

AKPPM7099G

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01403GJ2008PTC052932	POSITRON ENERGY PRIVATE LIMITED	15/02/2008	-
U45200GJ2011PTC067821	PERIGON INFRATECH PRIVATE LIMITED	15/11/2011	-
U40300WB2015PLC206360	EKC POSITRON GAS LIMITED	15/05/2015	-
U40108GJ2016PTC094525	NAVERIYA GAS PRIVATE LIMITED	30/11/2016	-

Name :

Mr. Prem Kumar Khurana

Designation :

Director

Address :

203 B, Maker Tower 'B', Cuffe Parade, Mumbai- 400005, Maharashtra, India

Date of Birth/Age :

29.10.1940

Qualification:

LLB

Date of Appointment :

16.04.2009

DIN No.:

00004050

PAN No.:

AGGPK6149Q

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	01/08/1978	-
U28100MH1981PTC025632	KHURANA FABRICATION INDUSTRIES PVT LTD	13/11/1981	-
U28121MH1981PTC025563	KHURANA GASES PVT LTD	10/12/1982	-
U51900MH1982PTC026676	KHURANA EXPORTS PVT LTD	16/03/1982	-
U28900MH1990PTC055029	UKAY VALVES AND FOUNDERS PRIVATE LIMITED	30/09/2008	-
U65990MH1992PTC069869	EVEREST KANTO INVESTMENT AND FINANCE PRIVATE LIMITED	03/12/1992	-
U70100MH1999PTC119688	G N M REALTORS PRIVATE LIMITED	30/09/2009	-
U74899DL1974PLC007459	MEDICAL ENGINEERS (INDIA) LTD.	24/03/2014	-
U40300WB2015PLC206360	EKC POSITRON GAS LIMITED	15/05/2015	-
U74999MH2016PTC289026	NEXT GEN CYLINDER PRIVATE LIMITED	28/12/2016	-

Name :

Mr. Puneet Khurana

Designation :

Director

Address :

203 B, Maker Tower 'B', Cuffe Parade, Mumbai- 400005, Maharashtra, India

Date of Birth/Age :

12.12.1973

Qualification:

B.com, MBA

Date of Appointment :

16.04.2009

DIN No.:

00004074

PAN No.:

AGGPK6151Q

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U28100MH1981PTC025632	KHURANA FABRICATION INDUSTRIES PVT LTD	20/03/2007	-
U28121MH1981PTC025563	KHURANA GASES PVT LTD	30/09/2009	-
U51900MH1982PTC026676	KHURANA EXPORTS PVT LTD	24/12/2002	-
U28900MH1990PTC055029	UKAY VALVES AND FOUNDERS PRIVATE LIMITED	30/09/2008	-
U65990MH1992PTC069869	EVEREST KANTO INVESTMENT AND FINANCE PRIVATE LIMITED	01/02/1996	-
U70100MH1999PTC119688	G N M REALTORS PRIVATE LIMITED	30/09/2009	-
U74899DL1974PLC007459	MEDICAL ENGINEERS (INDIA) LTD.	29/09/2010	-
U40300WB2015PLC206360	EKC POSITRON GAS LIMITED	15/05/2015	-
U29253MH2016PTC274755	FIREFITE EVEREST PRIVATE LIMITED	22/03/2016	-
U74999MH2016PTC289026	NEXT GEN CYLINDER PRIVATE LIMITED	28/12/2016	-

Name :

Mr. Pushkar Khurana

Designation :

Director

Address :

202, Maker Tower Building (B) Capt. Prakash Pethe Marg, Colaba, Mumbai -400005, Maharashtra, India

Date of Birth/Age :

17.07.1972

Qualification:

B.com, MBA in Business Management

Date of Appointment :

16.04.2009

DIN No.:

00040489

PAN No.:

AACPK0872C

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	01/01/2008	-
U28100MH1981PTC025632	KHURANA FABRICATION INDUSTRIES PVT LTD	30/09/2013	-
U28121MH1981PTC025563	KHURANA GASES PVT LTD	01/12/1993	-
U28900MH1990PTC055029	UKAY VALVES AND FOUNDERS PRIVATE LIMITED	30/09/2013	-
U65990MH1992PTC069869	EVEREST KANTO INVESTMENT AND FINANCE PRIVATE LIMITED	20/08/1998	-
U70100MH1999PTC119688	G N M REALTORS PRIVATE LIMITED	30/09/2009	-
U40300WB2015PLC206360	EKC POSITRON GAS LIMITED	15/05/2015	-

KEY EXECUTIVES

Name :	Mr. Satish
Designation :	Accounts Department
Name :	Mr. Kishore Thakkar
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Everest Kanto Cylinder Limited, India	4820850
Positron Energy Private Limited, India	1815000
P K Khurana	30
Pushkar Khurana	30
Puneet Khurana	30
Suman Khurana	30
Pramod Manohar Samvatsar	30
Total	6636000

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	0.00180832
Promoters- Individual/Hindu Undivided Family- Non-resident Indian (NRI)	0.00045208
Promoters- Body corporate	99.9977396
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler of solid, liquid and gaseous fuels and related products. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Wholesale of solid, liquid and gaseous fuels and related products	51410

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 :

Prakash Sahu and Company

Chartered Accountants

Address :

A/10, Kishin Kunj, Jeevan Vikas Kendra Marg, Koldongri, Vile Parle East, Mumbai, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AIXPS6943F

Memberships :

Not Available

Collaborators :

Not Available

Holding Company:

• Everest Kanto Cylinder Limited, India [L29200MH1978PLC020434]

Member Company:

• Positron Energy Private Limited

Others:

• Ekc Positron Gas Limited, India [U40300WB2015PLC206360]

Other Related Parties where Promotors, Directors & Relatives exercise significant influence:

• Perigon Intratech Private Limited, India [U45200GJ2011PTC067821]

CAPITAL STRUCTURE

AFTER 28.09.2017

Authorised Capital : INR 70.000 Million

Issued Subscribed & Paid-up Capital : INR 22.120 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	INR 10/- each	INR 70.000 Million
2212000	Equity Shares	INR 10/- each	INR 22.120 Million
4424000	Equity Shares (Called up and Paid up)	INR 6/- each	INR 26.544 Million
	Total		INR 118.664 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2212000	Equity Shares	INR 10/- each	INR 22.120 Million
4424000	Equity Shares (Called up and Paid up)	INR 6/- each	INR 26.544 Million
	Total		INR 48.664 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	48.664	48.664	48.664
(b) Reserves and Surplus	(146.059)	(143.002)	(120.229)
(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)	(97.395)	(94.338)	(71.565)
(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	58.273	58.273	58.272
(b) Trade payables	87.559	82.376	27.741
(c) Other current liabilities	23.884	16.252	61.662
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	169.716	156.901	147.675
TOTAL	72.321	62.563	76.110
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.140	39.716	43.299
(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)	0.000	0.000	0.000
(d) Long-term loans and advances	2.179	2.149	2.149
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	38.319	41.865	45.448
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	11.820	4.948	14.013
(d) Cash and bank balances	17.011	10.648	11.695
(e) Short-term loans and advances	5.061	4.989	4.856
(f) Other current assets	0.110	0.113	0.098
Total Current Assets	34.002	20.698	30.662
TOTAL	72.321	62.563	76.110

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	75.614	50.840	84.756
	Other Income	0.645	0.673	0.788
	TOTAL	76.259	51.513	85.544
Less	EXPENSES
	Cost of Materials Consumed	37.806	26.628	34.311
	Employee benefit expense	5.103	5.403	4.488
	Other expenses	25.837	31.659	42.875
	Prior period items	0.000	0.000	2.257
	TOTAL	68.746	63.690	83.931
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7.513	(12.177)	1.613
Less	FINANCIAL EXPENSES	6.994	7.005	14.072
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.519	(19.182)	(12.459)
Less/ Add	DEPRECIATION/ AMORTISATION	3.576	3.591	3.687
	PROFIT/ (LOSS) BEFORE TAX	(3.057)	(22.773)	(16.146)
Less	TAX	0.000	0.000	(6.351)
	PROFIT/ (LOSS) AFTER TAX	(3.057)	(22.773)	(9.795)
	Earnings / (Loss) Per Share (INR)	(0.46)	(3.43)	(1.48)

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	12.712	5.292	5.153
Net cash flows from (used in) operating activities	12.712	5.292	18.436

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	57.06	35.52	60.35
Account Receivables Turnover (Income / Sundry Debtors)	6.40	10.27	6.05
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	845.34	1129.16	295.11
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.21	(0.31)	0.04

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	2.35	2.51	1.94
Debt Equity Ratio (Total Liability / Networth)	(0.60)	(0.62)	(0.81)
Current Liabilities to Networth (Current Liabilities / Net Worth)	(1.74)	(1.66)	(2.06)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.37)	(0.42)	(0.61)
Interest Coverage Ratio (PBIT / Financial Charges)	1.07	(1.74)	0.11

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(4.04)	(44.79)	(11.56)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(4.23)	(36.40)	(12.87)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.14	24.14	13.69

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.20	0.13	0.21
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.20	0.13	0.21
G-Score Ratio Financial (Networth / Total Assets)	(1.35)	(1.51)	(0.94)
G-Score Ratio Debt (Debts / Equity Capital)	1.20	1.20	1.20
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.20	0.13	0.21

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	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	48.664	48.664	48.664
Reserves & Surplus	(120.229)	(143.002)	(146.059)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(71.565)	(94.338)	(97.395)
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	58.272	58.273	58.272
Total borrowings	58.272	58.273	58.272
Debt/Equity ratio	(0.814)	(0.618)	(0.598)

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	84.756	50.840	75.614
		(40.016)	48.729

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	84.756	50.840	75.614
Profit/ (Loss)	(9.795)	(22.773)	(3.057)
	(11.56 %)	(44.79 %)	(4.04 %)

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)	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

INDEX OF CHARGE: No Charges Exists for Company

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
SHORT TERM BORROWING
Loans and advances from others	58.273	58.273
Total	58.273	58.273

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• 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 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NIS
Report Prepared by :	KVT

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.