MIRA INFORM REPORT

Report No. :	511819
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	SAFAL REALTORS AND DEVELOPERS PRIVATE LIMITED (w.e.f 03.04.2008)
Formerly Known As :	SYMBOL PROPERTIES PRIVATE LIMITED
Registered Office :	204, Chandra Mahal, Room No. 23, 2nd Floor, Thakurdwar, Mumbai-400002, Maharashtra
Tel. No.:	91-22-39128895
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	29.07.1992
Com. Reg. No.:	11-067930
Capital Investment / Paid-up Capital :	INR 1.000 Million
CIN No.: [Company Identification No.]	U99999MH1992PTC067930
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCS8998R
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of real estate as builder and developers of residential as well as commercial premises (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 and delayed
Litigation :	Clear
Comments :	Subject was incorporated in the year 1992 and it is engaged in construction activity. As per financials of March 2017, the company has not earned any revenue from its operations and has reported losses. Rating takes into consideration the company’s continuous losses from its operations which has led to erosion of net worth base and weak financial risk profile. Rating is further constrained on account of company’s presence in its highly competitive and huge working capital requirement construction industry. Payments seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings at fully safe and secured 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 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 DECLINED

Management non-cooperative (Tel No.:91-22-27891328)

LOCATIONS

Registered Office :	204, Chandra Mahal, Room No. 23, 2nd Floor, Thakurdwar, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-39128895
Fax No.:	Not Available
E-Mail :	patel_ps@rediffmail.com

DIRECTORS

As on 31.03.2017

Name :

Hansa Laxmichand Chheda

Designation :

Director

Address :

207, Bulphoe CHS, Plot No.27, Sector-9-A, Vashi, Navi Mumbai -400703, Maharashtra, India

Date of Appointment :

22.10.1996

DIN No.:

00801200

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH1990PTC058675	RAJKAMAL REALTORS PRIVATE LIMITED	15/01/2001	-
U50100MH1992PTC065887	NITIN TRADERS PRIVATE LIMITED	01/03/1999	-
U51900MH1987PTC042357	SUBHAM COMMERCIAL ENTERPRISES PRIVATE LIMITED	05/12/2009	-
U67120MH1994PTC077641	TEXON INVESTMENT AND FINANCE PRIVATE LIMITED	01/11/2007	-
U99999MH1984PTC032012	MITHA ESTATES PVT LTD	01/03/1999	-
U99999MH1992PTC065596	RUCHIK REALTORS PRIVATE LIMITED	30/05/1997	-
U99999MH1992PTC066316	SUDRADH CONSTURCTIONS PRIVATE LIMITED	05/12/2009	-

Name :

Mr. Ruchik Laxmichand Chheda

Designation :

Director

Address :

207, Bulphoe CHS, Plot No.27, Sector-9 A, Vashi, Navi Mumbai -400703, Maharashtra, India

Date of Appointment :

04.01.2011

DIN No.:

00801252

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH1990PTC058675	RAJKAMAL REALTORS PRIVATE LIMITED	15/01/2001	-
U51900MH1987PTC042357	SUBHAM COMMERCIAL ENTERPRISES PRIVATE LIMITED	08/08/2015	-

Name :

Mr. Laxmichand Damji Chheda

Designation :

Director

Address :

207, Bulphoe CHS, Plot No.27, Sector-9 A, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Appointment :

30.10.1994

DIN No.:

00801282

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH1990PTC058675	RAJKAMAL REALTORS PRIVATE LIMITED	01/10/2014	-
U50100MH1992PTC065887	NITIN TRADERS PRIVATE LIMITED	01/03/1999	-
U51900MH1987PTC042357	SUBHAM COMMERCIAL ENTERPRISES PRIVATE LIMITED	25/09/1989	-
U67120MH1994PTC077641	TEXON INVESTMENT AND FINANCE PRIVATE LIMITED	18/04/1994	-
U67120MH2000PTC128239	MEENA SECURITIES PRIVATE LIMITED	30/09/2011	-
U99999MH1984PTC032012	MITHA ESTATES PRIVATE LIMITED	01/03/1999	-
U99999MH1992PTC065596	RUCHIK REALTORS PRIVATE LIMITED	25/02/1992	-
U99999MH1992PTC066316	SUDRADH CONSTURCTIONS PRIVATE LIMITED	25/11/1992	-

Name :

Mr. Ravi Mohanlal Jain

Designation :

Additional Director

Address :

2901, Shreepath Arcade, A. K. Marg, Grant Road (West), Mumbai- 400007, Maharashtra, India

Date of Appointment :

04.09.2017

DIN No.:

00771469

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27200DN1989PLC000346	GUJARAT COPPER ALLOYS LIMITED	20/12/2004	-
U51909MH2003PTC138879	PARSIK TRADERS PRIVATE LIMITED	30/09/2009	-

Name :

Mr. Mohanlal Bakhtawarmal Jain

Designation :

Additional Director

Address :

2901, 29th Floor, Shreepati Arcade A K, Marg, Mumbai -400036, Maharashtra, India

Date of Appointment :

04.09.2017

DIN No.:

02556214

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27200DN1989PLC000346	GUJARAT COPPER ALLOYS LIMITED	28/11/2005	-
U27200MH2005PTC152780	SUNMET EXTRUSIONS PRIVATE LIMITED	21/04/2005	-
U27300MH1977NPL019956	BOMBAY NON-FERROUS METALS ASSOCIATION LIMITED	15/10/2005	-
U55101RJ2010PTC033017	SHRIJI DARSHAN RESORTS PRIVATE LIMITED	06/10/2010	-
U70100MH2010PTC206411	ARANATH ESTATE PRIVATE LIMITED	10/08/2010	-
U70102MH2010PTC206635	SUMATIPADMA REALTY PRIVATE LIMITED	16/08/2010	-

Name :

Mr. Nimit Laxmichand Chheda

Designation :

Director

Address :

207/B, Bulphoe CHS Plot No. 27 Sector 9/A, Vashi, Navi Mumbai -400703, Maharashtra, India

Date of Appointment :

04.01.2011

DIN No.:

03370200

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH1990PTC058675	RAJKAMAL REALTORS PRIVATE LIMITED	16/02/2016	-
U51900MH1987PTC042357	SUBHAM COMMERCIAL ENTERPRISES PRIVATE LIMITED	08/08/2015	-
U67120MH1994PTC077641	TEXON INVESTMENT AND FINANCE PRIVATE LIMITED	08/12/2012	-
U99999MH1990PTC058178	NIMIT CONSTRUCTIONS PRIVATE LIMITED	11/11/2013	-

Name :

Mr. Avi Mohanlal Jain

Designation :

Additional Director

Address :

2901, Shreepati Arcade, A. K. Marg, Grant Road West, Mumbai -400036, Maharashtra, India

Date of Appointment :

29.12.2015

DIN No.:

06708733

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27200DN1989PLC000346	GUJARAT COPPER ALLOYS LIMITED	10/02/2016	-
U74999MH2017PTC292696	HEMSTAR TECHBUZZ PRIVATE LIMITED	20/03/2017	-

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Hansa Laxmixhand Chheda	2000
Laximichand Damaji Chheda	945
Avi Mohanlal Jain	6250
Ruchik Laxmichand Chheda	605

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2017

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

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of real estate as builder and developers of residential as well as commercial premises (Registered Activity)
Products / Services :	Construction activity
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 :	HDFC Bank Limited
Branch :	--
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 :

P. K Mutha and Company

Chartered Accountants

Address :

Alankar Building, 3rd Floor, 208, Saumel Street- Masjid Bunder, Mumbai-400003, Maharashtra, India

Tel. No.:

91-22-23436467/23414361

Mobile No.:

91-9820426111

Fax No.:

91-22-66336963

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

AAFPN3396L

Memberships :

Not Available

Collaborators :

Not Available

Associates/Subsidiaries :

Not Divulged

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	INR 100/- each	INR 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	INR 100/- each	INR 1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	(1.666)	(1.347)	(0.824)
(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)	(0.666)	(0.347)	0.176
(3) Non-Current Liabilities
(a) long-term borrowings	78.902	63.001	22.336
(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)	78.902	63.001	22.336
(4) Current Liabilities
(a) Short term borrowings	83.621	63.191	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	22.079	0.123	126.127
(d) Short-term provisions	0.364	0.000	0.000
Total Current Liabilities (4)	106.064	63.314	126.127
TOTAL	184.300	125.968	148.639
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.375	0.441	0.592
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.600	2.600	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.975	3.041	0.592
(2) Current assets
(a) Current investments	0.000	0.000	2.650
(b) Inventories	152.930	95.947	0.000
(c) Trade receivables	0.000	0.000	6.000
(d) Cash and cash equivalents	1.448	6.960	4.113
(e) Short-term loans and advances	26.947	20.020	61.743
(f) Other current assets	0.000	0.000	73.541
Total Current Assets	181.325	122.927	148.047
TOTAL	184.300	125.968	148.639

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	0.000	0.000	0.000
	Other Income	0.000	0.068	0.000
	TOTAL	0.000	0.068	0.000
Less	EXPENSES
	Cost of Materials Consumed	53.681	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(56.983)	0.000	0.000
	Employees benefits expense	0.176	0.019
	Other administrative expenses	1.908	0.198	0.095
	TOTAL	(1.218)	0.217	0.095
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1.218	(0.149)	(0.095)
Less	FINANCIAL EXPENSES	1.402	0.156	0.203
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(0.184)	(0.305)	(0.298)
Less/ Add	DEPRECIATION/ AMORTISATION	0.136	0.004	0.033
	PROFIT/ (LOSS) BEFORE TAX	(0.320)	(0.309)	(0.331)
Less	TAX	0.000	0.000	(0.429)
	PROFIT/ (LOSS) AFTER TAX	(0.320)	(0.309)	0.098
	Earnings / (Loss) Per Share (INR)	(31.95)	(30.89)	(33.07)

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
Net cash flows from (used in) operating activity	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)	0.00	0.00	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.00	0.00	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.01	0.00	(0.02)
Asset Turnover (Operating Income / Net Fixed Assets)	3.25	(0.34)	(0.16)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.00	1.00	1.00
Debt Equity Ratio (Total Liability / Networth)	(244.03)	(363.67)	126.91
Current Liabilities to Networth (Current Liabilities / Net Worth)	(159.26)	(182.46)	716.63
Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.56	(1.27)	3.36
Interest Coverage Ratio (PBIT / Financial Charges)	0.87	(0.96)	(0.47)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.00	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.17)	(0.25)	0.07
Return on Investment (ROI) ((PAT / Networth) * 100)	%	48.05	89.05	55.68

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.71	1.94	1.17
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.27	0.43	1.13
G-Score Ratio Financial (Networth / Total Assets)	0.00	0.00	0.00
G-Score Ratio Debt (Debts / Equity Capital)	162.52	126.19	22.34
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.71	1.94	1.17

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	1.000	1.000	1.000
Reserves & Surplus	(0.824	(1.347	(1.666
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.176	(0.347	(0.666
long-term borrowings	22.336	63.001	78.902
Short term borrowings	0.000	63.191	83.621
Total borrowings	22.336	126.192	162.523
Debt/Equity ratio	126.909	(363.666	(244.029

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	No
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	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans from director
AVI Mohanlal Jain	15.902	0.001
Ruchik L Chheda	63.000	63.000
Short-term borrowings
Loans and advance from related parties
Gujarat Copper Alloys Limited	20.593	0.000
Nimit L Cheda	63.000	63.000
Others Car Loan from HDFC Bank Limited	0.028	0.191
Total	162.523	126.192

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

• Computer
• Camera
• AC Machine
• Television
• Motor Car

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 67.52
UK Pound	1	INR 91.48
Euro	1	INR 80.52

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VIV
Report Prepared by :	RKI

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	NO
--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.