Risk Level
Moderate (3.2x avg)
Probability of Default
42% vs 18% avg
Recommendation
Review — Conditional
Risk & Positive Signals
⚠ Key Risks
GST filings delayed 30–60 days in 4 of last 12 months
1 active civil litigation — recovery case, filed Mar 2024
Tax liability ratio below peer median (25th–50th percentile)
EPFO headcount declined 12% in last 6 months
✓ Positive Signals
Revenue growth +18% YoY — top quartile of peers
8-year business vintage — established entity
No adverse news or negative media coverage
MCA registration verified — CIN confirmed active
Udyam registered — eligible for priority sector lending
No wilful defaulter record on RBI list
Score Breakdown
| Factor |
Score |
Max |
Weight |
Performance |
Status |
vs Peers |
GST Filing Consistency On-time filing rate over 12 months |
18.5 | 30 | 30% |
|
Moderate |
50th–75th |
Revenue Trend (12 months) YoY GST-derived turnover growth |
21.0 | 25 | 25% |
|
Strong |
Top 25% |
Tax Liability Ratio Tax paid vs. declared turnover |
9.5 | 20 | 20% |
|
Moderate |
25th–50th |
Filing Recency Days since last GST return filed |
10.0 | 15 | 15% |
|
Moderate |
50th–75th |
Business Vintage Years since GST registration |
8.0 | 10 | 10% |
|
Strong |
Top 25% |
| TOTAL SCORE | 67 | 100 | 100% | | | |
GST Filing History — Last 12 Months Source: GSTN API / developer.gst.gov.in
GST-Derived Revenue Trend — Last 12 Months Source: GSTN / GSTR-1 Outward Supplies
Est. Monthly Revenue (12-mo avg)
₹38.5 L ↑ 18% YoY
Peak Month
₹52.3 L (Nov 2025)
Low: ₹21.2 L (Apr 2025)
Multi-GSTIN Entity Check Source: GSTN PAN Search / developer.gst.gov.in
PAN AABCR4521Q — 2 GST registrations found across states
| GSTIN | State | Status | Registration Date | Last Filing | Classification |
|---|
| 08AABCR4521Q1Z3 |
Rajasthan |
● Active |
12 Mar 2018 |
Feb 2026 |
Primary |
| 27AABCR4521Q2Z1 |
Maharashtra |
● Inactive Cancelled Feb 2023 |
05 Aug 2019 |
Jan 2023 |
Administrative Closure |
✓ Maharashtra GSTIN cancelled after Rajasthan registration became primary — classified as administrative consolidation, not business failure. No penalty applied.
Litigation & Legal Records Source: eCourts API / njdg.ecourts.gov.in
| Case No. | Court | Case Type | Nature | Filed Date | Last Hearing | Status |
|---|
| CS/142/2024 |
District Court, Jaipur |
Civil |
Recovery of dues — ₹8.2L |
14 Mar 2024 |
22 Feb 2026 |
Active |
| CS/88/2021 |
District Court, Jaipur |
Civil |
Contract dispute — supplier |
03 Jun 2021 |
15 Nov 2022 |
Disposed |
⚠ 1 active civil recovery case — financial exposure estimated at ₹8.2L. Civil nature (not criminal). Last heard Feb 2026 — case ongoing. Lender should obtain NOC from legal counsel before disbursement.
Business Verification Source: MCA21 / mca.gov.in · IBBI / ibbi.gov.in · RBI Defaulter List
CIN NumberU17200RJ2016PTC054321
MCA Status✓ Active
Date of Incorporation12 March 2016
Last Annual Return FiledSep 2025 (on time)
Directors on Record2 (verified)
Struck-off Status✓ Not Struck Off
Insolvency (IBBI)✓ No Proceedings
RBI Wilful Defaulter✓ Not Listed
Udyam Registration✓ UDYAM-RJ-07-0012345
MSME CategorySmall Enterprise
Employment & EPFO Signals Source: EPFO / epfindia.gov.in
47
Current Registered Employees
↓ 12% vs 6 months ago (was 53)
✓
PF Contributions
Regular — last paid Mar 2026
⚠
Headcount Trend
Declining — possible cost pressure signal
⚠ Employee headcount declined 12% in 6 months despite revenue growth — warrants clarification. Could indicate automation, seasonal labour, or early financial stress.
Default Risk Assessment
Probability of Default
42%
vs portfolio average of 18% — 2.3x higher risk
Base PD (pre-penalty)31%
Adjusted PD (post-penalty)42%
Portfolio Average18%
Model Confidence
High — GST, MCA, litigation, EPFO all verified. Udyam confirmed. Missing: bank statement data (AA not yet consented).
Risk Adjustment Breakdown
Base PD (GST model)31.0%
⚠ Late GST filings (3 of 12 months)+4%
⚠ Active civil litigation+5%
⚠ EPFO headcount decline+3%
⚠ Below-avg tax liability ratio+2%
✓ No adverse news (offset)−3%
Adjusted PD42.0%
Loan Recommendation
Verdict
Review
Conditional Approval
Max Loan Amount
₹18–22 Lakhs
Based on 0.5x monthly revenue
Interest Rate Band
16–19% p.a.
Risk-adjusted pricing
Suggested Tenure
24–36 months
With quarterly review
Collateral
Recommended
Property or machinery preferred
Est. Monthly Revenue
₹38.5 Lakhs
GST-derived 12-mo average
Conditions
NOC on litigation required
+ GST filings brought current
Risk Classification
🔴 Structural Risks (Hard to Fix)
Active civil litigation — outcome uncertain, financial impact unknown
EPFO headcount decline — may indicate operational stress
🟡 Correctable Risks (Actionable)
GST late filings — set up auto-reminders, bring Mar 2026 filing current
Tax liability ratio — review GST-3B reconciliation with CA
Bank statement consent — provide AA consent for complete picture
Credit Assessment Narrative
Rajasthan Textiles & Exports Pvt Ltd presents a moderate credit risk profile with a score of 67/100 and a probability of default of 42%, which is 2.3 times higher than the portfolio average of 18%. The business demonstrates genuine commercial strength — revenue growth of 18% year-on-year places it in the top quartile of peers, and an 8-year operating history confirms market-tested longevity. MCA registration is confirmed active, Udyam status is verified, and the business holds no record on RBI's wilful defaulter list.
However, three risk signals warrant credit committee attention. First, GST filing discipline is inconsistent — 3 of 12 months were filed late and March 2026 filing is outstanding, suggesting cash flow or administrative strain during peak operational periods. Second, an active civil recovery case (CS/142/2024) for ₹8.2 lakhs is pending at Jaipur District Court, with last hearing held February 2026 — this represents contingent financial liability that must be legally clarified before disbursement. Third, EPFO data shows a 12% decline in registered employees over 6 months despite revenue growth, which is an unusual divergence warranting management explanation.
Recommendation: Conditional review. The business is not a decline — the revenue profile and business legitimacy are solid. However, disbursement should be contingent on: (1) a no-objection letter or case status update from legal counsel on CS/142/2024, (2) regularisation of March 2026 GST filing, and (3) management explanation for EPFO headcount decline. Subject to these conditions being met, a loan of ₹18–22 lakhs at 16–19% p.a. over 24–36 months with collateral support is appropriate.
Risk Mitigation Suggestions
1
File March 2026 GSTR-3B immediately and provide proof of submission to lender
2
Obtain a no-objection letter or status update from legal counsel on Case CS/142/2024 confirming no financial impact on business operations
3
Provide management explanation for 12% EPFO headcount reduction — clarify if seasonal, automated, or restructuring-related
4
Provide Account Aggregator bank statement consent for complete cash flow verification
5
Set up GST auto-reminder system to prevent future late filings — recommend monthly calendar alert 5 days before due date
Re-Evaluation Conditions (if declined)
- GST filings brought fully current and maintained on-time for 3 consecutive months
- Active litigation resolved or legally clarified with no financial impact confirmed by advocate
- EPFO headcount stabilised or management explanation accepted by credit committee
- Credit score improves to 75+ (Low Risk band) on re-assessment
- Minimum 3-month wait period from date of conditional decline before re-application
Data Sources Used in This Report
GST Data
GSTN API
developer.gst.gov.in
Filing history, registration, turnover
Company Verification
MCA21 Portal
mca.gov.in
CIN, directors, annual filings, struck-off
Litigation Records
eCourts / NJDG
njdg.ecourts.gov.in
Case details, hearing dates, status
Insolvency Check
IBBI Registry
ibbi.gov.in
Insolvency proceedings status
Employment Data
EPFO Portal
epfindia.gov.in
Headcount, PF contributions, trends
MSME Registration
Udyam Portal
udyamregistration.gov.in
MSME category, registration status
Defaulter Records
RBI Defaulter List
rbi.org.in
Wilful defaulter, CRILC flags
News Sentiment
News API / Web
newsapi.org
Adverse media, fraud mentions
Multi-GSTIN Check
GSTN PAN Search
developer.gst.gov.in
All GSTINs linked to PAN — entity-level view
⚠ Missing signals: Bank statement (Account Aggregator consent pending) · CIBIL commercial bureau (requires lender-side access) · ITR data (taxpayer consent not provided)