MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	ANGELFISH ENTERPRISES LIMITED
Registered Office :	F-106, 1^st Floor, Sumer Complex, Gautam Marg, Behind Bagadia Bhawan, C-Scheme, Jaipur - 302001, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.03.2012
Com. Reg. No.:	17-038090
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U52190RJ2012PLC038090
TAN No.: [Tax Deduction & Collection Account No.]	JPRA06748A
PAN No.: [Permanent Account No.]	AAKCA5429L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Home Furnishing Items, Garments, Accessories etc.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1900
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of partnership concern started in the year 2008. But later in 2012 it got converted into private limited company. It is having moderate track record. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Geeta Upadhyay
Designation :	Operating Manager
Contact No.:	91-9351153005
Date :	31.10.2012

LOCATIONS

Registered Office :	F-106, 1^st Floor, Sumer Complex, Gautam Marg, Behind Bagadia Bhawan, C-Scheme, Jaipur - 302001, Rajasthan, India
Tel. No.:	91-141-4021580
Mobile No.:	91-9828355000 (Mr. Prashant Agrawal) 91-9351153005 (Ms. Geeta Upadhyay)
Fax No.:	Not Available
E-Mail :	ideatrader@gmail.com
Website :	http://www.angelfishindia.com
Location :	Owned
Factory :	Kha-14, Bhavani Nagar, Murlipura, Sikar Road, Jaipur - 332718, Rajasthan, India
Location :	Owned

DIRECTORS

As on 24.09.2012

Name :

Mrs. Nisha Agarwal

Designation :

Director

Address :

Kha-14, Bhavani Nagar, Murlipura, Sikar Road, Jaipur - 332718, Rajasthan, India

Date of Birth/Age :

03.11.1973

Date of Appointment :

01.03.2012

DIN No.:

01745745

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140RJ2005PTC021609	SAHAJBHAV CONSULTANTS PRIVATE LIMITED	Director	30-09-06	08-02-06	-	Active	NO
2	U45201RJ2007PTC025479	SALIENT DEVELOPERS PRIVATE LIMITED	Director	13-12-07	13-12-07	-	Strike off	NO
3	U52190RJ2012PLC038090	ANGELFISH ENTERPRISES LIMITED	Director	01-03-12	01-03-12	-	Active	NO

Name :

Mr. Raghunandan Agarwal

Designation :

Director

Address :

Kha-14, Bhavani Nagar, Murlipura, Sikar Road, Jaipur - 332718, Rajasthan, India

Date of Birth/Age :

27.07.1940

Date of Appointment :

01.03.2012

DIN No.:

05203660

Name :

Mr. Prashant Agrawal

Designation :

Director

Address :

Kha-14, Bhavani Nagar, Murlipura, Sikar Road, Jaipur - 332718, Rajasthan, India

Date of Birth/Age :

20.09.1971

Date of Appointment :

01.03.2012

DIN No.:

02150756

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140RJ2009PLC028471	ADDON MANAGEMENT SERVICES INDIA LIMITED	Director	07-10-09	07-10-09	-	Active	NO
2	U52190RJ2012PLC038090	ANGELFISH ENTERPRISES LIMITED	Director	01-03-12	01-03-12	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Geeta Upadhyay
Designation :	Operating Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
Raghunandan Agarwal	3000
Nisha Agarwal	40000
Prashant Agrawal	3000
Santosh Agarwal	2000
Geeta Upadhyay	1800
Rachit Khandelwal	100
Om Prakash Bansal	100
Total	50000

As on 24.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	92.00
Other top fifty shareholders	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Home Furnishing Items, Garments, Accessories etc.
Products :	· Saree Cover · Vanity and Jewelry Kits · Bangle Box · Potli · Nariyal Packaging · Kothi Cover · One Day Kit · Make Up Kit · Bridel Marriage Kit · Jewellery Kit · Travelling Bags · Purses · Cushion Covers · Decorative Items · Thal Cover · Utility Cover
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	10 (Approximately)
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Sharwan Kumar Sharma Chartered Accountant
Address :	S-103, Sumer Complex, Gautam Marg, C-Scheme, Jaipur – 302005, Rajasthan, India
PAN.:	ACZPS7424H

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Reconciliation of Number of Shares Outstanding

Particular	31.03.2012
Number of equity share at the beginning of the year	0
Equity share issued during the year	500000
Less share bought bank during the year	0
Number of equity share at the end of the year	500000

Details of Shares held by each Shareholder holding more than 5% shares

Class of Shares / Name of Shareholders	Number of Shares Held	% of Holding In that class of Shares
Mrs. Nisha Agarwal	40000	80%
Mr. Raghunandan Agarwal	3000	6%
Mr. Prashant Agrawal	3000	6%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		(0.003)
4] (Accumulated Losses)		0.000
NETWORTH		0.497
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.497
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.465
	Other Current Assets	0.000
	Other Non-Current Assets	0.035
	Loans & Advances	0.000
Total Current Assets		0.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.003
	Provisions	0.000
Total Current Liabilities		0.003
Net Current Assets		0.497
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.497

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		Other Expenses	0.003
		TOTAL	0.003
	PROFIT / (LOSS) BEFORE TAX		(0.003)
Less	TAX		0.000
	PROFIT / (LOSS) AFTER TAX		(0.003)
	Earnings / (Loss) Per Share (Rs.)		(0.05)

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.60)
Return on Investment (ROI) (PBT/Networth)		(0.01)
Debt Equity Ratio (Total Liability/Networth)		0.01
Current Ratio (Current Asset/Current Liability)		166.67

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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 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 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	Indian Rupees
US Dollar	1	Rs.53.78
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		27

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.