MIRA INFORM REPORT

Report No. :	512241
Report Date :	31.05.2018

IDENTIFICATION DETAILS

Name :	SINTECH PRECISION PRODUCTS LIMITED
Registered Office :	B-11, IInd Floor, Kailash Colony, New Delhi - 110048
Mobile No.:	91-9810075665 (Mr. Sahil Dhingra)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	21.03.1986
Com. Reg. No.:	55-023712
Capital Investment / Paid-up Capital :	INR 4.824 Million
CIN No.: [Company Identification No.]	U25201DL1986PLC023712
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCS7705G
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the business of manufacturing of pumps and parts. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Maximum Credit Limit :	USD 144000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1986 having satisfactory track records. For the financial year ended 2017, the company has witnessed a growth in its revenue and has reported profit margin at 1.13% (approximately). The company possesses an acceptable financial profile marked by decent networth base along with fair debt level of the company. The company also derives strength from its long standing track record of business operation. Trade relations are reported as fair. Business is active. Payment terms are seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	SMERA
Rating	Long term Rating : B+
Rating Explanation	High risk of default
Date	21.02.2018

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 31.05.2018

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. Sahil Dhingra
Designation :	Whole-time Director
Contact No.:	91-9810075665
Date :	29.05.2018

LOCATIONS

Registered Office :	B-11, IInd Floor, Kailash Colony, New Delhi – 110048, India
Tel. No.:	Not Available
Mobile No.:	91-9810075665 (Mr. Sahil Dhingra)
Fax No.:	Not Available
E-Mail :	info@sintechpumps.com
Factory :	C-189/190, Buland Shahar Road, Industrial Area, Site No 1, Ghaziabad-201001, Uttar Pradesh, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Nanak Chand Dhingra

Designation :

Director

Address :

KB-29, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Birth/Age :

20.11.1949

Date of Appointment :

28.10.1996

DIN No.:

00200580

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29253DL2006PTC151711	SINTECH PUMPS PRIVATE LIMITED	08/08/2006	-

Name :

Mr. Sachit Dhingra

Designation :

Director

Address :

KB-29, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Birth/Age :

22.06.1980

Date of Appointment :

03.10.2003

DIN No.:

00200678

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29253DL2006PTC151711	SINTECH PUMPS PRIVATE LIMITED	08/08/2006	-

Name :

Mr. Sahil Dhingra

Designation :

Director

Address :

KB-29, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Birth/Age :

20.10.1984

Date of Appointment :

29.11.2005

DIN No.:

00208074

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29253DL2006PTC151711	SINTECH PUMPS PRIVATE LIMITED	08/08/2006	-

Name :

Ms. Nisha Dhingra

Designation :

Director

Address :

KB-29, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Birth/Age :

20.09.1956

Date of Appointment :

14.08.2001

DIN No.:

00200691

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29253DL2006PTC151711	SINTECH PUMPS PRIVATE LIMITED	08/08/2006	-

Name :

Mr. Mahesh Kuamr Sharma

Designation :

Director

Address :

B-101, Ashok Nagar, Ghaziabad 201001, Uttar Pradesh, India 

Date of Birth/Age :

26.02.1960

Date of Appointment :

04.09.1996

DIN No.:

01065447

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27106DL2006PTC147716	GHAZIABAD HI-TECH FORGINGS PRIVATE LIMITED	17/03/2006	-
U27109GJ2012PTC071376	DARSH CASTING PRIVATE LIMITED	31/07/2012	-

Name :

Mr. Vaibhav Agarwal

Designation :

Director

Address :

186, Gagan Vihar, Opposite Preet Vihar, Delhi-110051, India 

Date of Birth/Age :

03.07.1983

Date of Appointment :

01.03.2012

DIN No.:

02238805

Name :

Mr. Chandan Vig

Designation :

Director

Address :

KB-35, Kavi Nagar, Ghaziabad-201002, Uttar Pradesh, India  

Date of Birth/Age :

03.06.1986

Date of Appointment :

01.03.2012

DIN No.:

03176914

Name :

Ms. Mehak Arora

Designation :

Director

Address :

KB-29 Kavi Nagar, Ghaziabad 201001, Uttar Pradesh, India 

Date of Birth/Age :

26.02.1983

Date of Appointment :

01.03.2012

DIN No.:

05263373

Name :

Ms. Seema Kumar

Designation :

Director

Address :

H. No. 5, Opposite S.S.P. House, The Mall Road, Amritsar-143001, Punjab, India

Date of Birth/Age :

07.07.1986

Date of Appointment :

27.01.2014

DIN No.:

06787272

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Nanak Chand Dhingra	199000
Sachit Dhingra	108333
Sahil Dhingra	121886
N.C. Dhingra & Sons (HUF)	4800
Nisha Dhingra	48184
Mehak Arora	100
Seema Kumar	100
Total	482403

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Pumps and Parts (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
84138190	Pumps For Liquids

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 :

Not Divulged

Bankers :

Banker Name :	Indian Bank
Branch :	3, Navyug Market, Ghaziabad-20100, Uttar Pradesh, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loans
From Indian Bank (Secured by hypothecation of plant and machinery and vehicles)	5.338	2.520
Business Loans
From Indian Bank	11.428	0.000
From Tata Capital Financial Services Limited (Vehicle Loan)	0.000	0.335
From DCB Bank Limited (secured by mortgage of property of director)	0.000	10.734
Short-term borrowings
Loans repayable on demand
From Indian Bank	71.374	57.514
Total	88.140	71.103

Auditors :
Name :	R.K. Kumar and Associates Chartered Accountants
Address :	88, New Gandhi Nagar, Ghaziabad – 201001, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ACYPK1743J
Memberships :	Not Available
Collaborators :	Not Available
Other related party :	N.C. Dhingra and Sons (HUF)

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 10/- each	INR 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
482403	Equity Shares	INR 10/- each	INR 4.824 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.824	4.824	4.824
(b) Reserves & Surplus	45.752	42.393	39.671
(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)	50.576	47.217	44.495
(3) Non-Current Liabilities
(a) long-term borrowings	43.539	37.801	26.997
(b) Deferred tax liabilities (Net)	1.140	1.290	1.771
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.126	3.704	3.081
Total Non-current Liabilities (3)	48.805	42.795	31.849
(4) Current Liabilities
(a) Short term borrowings	71.374	57.514	55.496
(b) Trade payables	73.474	55.661	64.024
(c) Other current liabilities	28.043	36.548	26.246
(d) Short-term provisions	5.683	6.671	7.335
Total Current Liabilities (4)	178.574	156.394	153.101
TOTAL	277.955	246.406	229.445
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.411	29.050	28.608
(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	1.140	1.140	0.816
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	32.551	30.190	29.424
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	140.679	128.891	104.650
(c) Trade receivables	68.256	51.077	66.501
(d) Cash and cash equivalents	12.720	10.429	7.087
(e) Short-term loans and advances	23.749	25.819	21.783
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	245.404	216.216	200.021
TOTAL	277.955	246.406	229.445

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	298.181	254.051	177.637
	Other Income	2.434	2.154	1.766
	TOTAL	300.615	256.205	179.403
Less	EXPENSES
	Cost of Materials Consumed	166.260	158.958	91.344
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.587)	(14.090)	(6.961)
	Employees benefits expense	34.253	27.032	27.626
	Other expenses	68.937	60.424	50.522
	TOTAL	267.863	232.324	162.531
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	32.752	23.881	16.872
Less	FINANCIAL EXPENSES	21.188	14.504	8.909
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.564	9.377	7.963
Less/ Add	DEPRECIATION/ AMORTISATION	4.559	4.373	4.224
	PROFIT/ (LOSS) BEFORE TAX	7.005	5.004	3.739
Less	TAX	2.425	1.621	1.168
	PROFIT/ (LOSS) AFTER TAX	4.580	3.383	2.571
Less	Prior Period Items	1.222	0.661	(0.130)
	Profit/ (Loss) Carried to the Balance sheet	3.358	2.722	2.701
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	121.341	102.057	87.909
	TOTAL EARNINGS	121.341	102.057	87.909
	Earnings / (Loss) Per Share (INR)	6.96	5.64	5.60

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	3.133	1.926	1.568
Cash generated from operations	5.325	(1.326)	0.073
Net cash flows from (used in) operations	2.900	(2.946)	(2.416)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	83.55	73.38	136.64
Account Receivables Turnover (Income / Sundry Debtors)	4.37	4.97	2.67
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	161.30	127.81	255.83
Inventory Turnover (Operating Income / Inventories)	0.23	0.19	0.16
Asset Turnover (Operating Income / Net Fixed Assets)	1.04	0.82	0.59

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.81	0.80	0.79
Debt Equity Ratio (Total Liability / Networth)	2.33	2.06	1.89
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.53	3.31	3.44
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.62	0.62	0.64
Interest Coverage Ratio (PBIT / Financial Charges)	1.55	1.65	1.89

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.13	1.07	1.52
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.21	1.10	1.18
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.64	5.76	6.07

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.37	1.38	1.31
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.59	0.56	0.62
G-Score Ratio Financial (Networth / Total Assets)	0.18	0.19	0.19
G-Score Ratio Debt (Debts / Equity Capital)	24.47	20.16	17.43
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.37	1.38	1.31

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	4.824	4.824	4.824
Reserves & Surplus	39.671	42.393	45.752
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	44.495	47.217	50.576
long-term borrowings	26.997	37.801	43.539
Short term borrowings	55.496	57.514	71.374
Current maturities of long-term debts	1.568	1.926	3.133
Total borrowings	84.061	97.241	118.046
Debt/Equity ratio	1.889	2.059	2.334

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	177.637	254.051	298.181
		43.017	17.371

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	177.637	254.051	298.181
Profit	2.701	2.722	3.358
	1.52%	1.07%	1.13%

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	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	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	Yes
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

COMPANY INFORMATION

The company was incorporated on 21^st March, 1986 vide CIN No.: U25201DL1986PLC023712. The registered office of the company is located at B-11, IInd Floor, Kailash Colony, New Delhi – 110048 and works at C-189/190, B S Road, Industrial Area Ghaziabad. The company is engaged in the business of manufacturing of pumps and parts.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advance from related parties	26.773	24.212
Total	26.773	24.212

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G04050142	100028098	Indian Bank	22/04/2016	-	-	3000000.0	3, NAVYUG MARKET GHAZIABAD UTTAR PRADESH 201001 INDIA
2	C77700854	10617311	Indian Bank	05/01/2016	-	-	3270000.0	3, NAVYUG MARKET GHAZIABAD UTTAR PRADESH 201001 INDIA
3	G74100561	10094646	Indian Bank	27/02/2008	30/12/2017	-	194151000.0	3, NAVYUG MARKET GHAZIABAD UTTAR PRADESH 201001 INDIA
4	G75144683	90062924	INDIAN BANK	30/08/2003	30/03/2005	29/01/2018	1500000.0	3, NAVYUG MARKET GHAZIABAD UTTAR PRADESH 201001 INDIA
5	G75144972	100042188	Indian Bank	12/07/2016	-	29/01/2018	11000000.0	3, NAVYUG MARKET GHAZIABAD UTTAR PRADESH 201001 INDIA
6	G75146183	100123527	Indian Bank	31/08/2017	-	29/01/2018	14000000.0	3, NAVYUG MARKET GHAZIABAD UTTAR PRADESH 201001 INDIA
7	A38952149	10035670	Syndicate Bank	25/01/2007	-	30/04/2008	15000000.0	RAJ NAGAR GHAZIABAD UTTAR PRADESH 201001 INDIA

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Bank Guarantee	43.105	36.048
Letter of Credit	16.678	13.250
Total	59.783	49.298

FIXED ASSETS

• Leasehold Land
• Building
• Furniture and Fixture
• Computer
• Plant and Machinery
• Cycle
• CCTV
• Air Conditioners
• Cars
• Tube Well
• Coolers and Fans
• Office Equipments
• Generator Set

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 67.63
UK Pound	1	INR 89.70
Euro	1	INR 78.20

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.