MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	PEEPUL CAPITAL FUND III LLC

Registered Office :	St. Louis Business Centre Cnr Desroches & St Louis Streets Port Louis

Country :	Mauritius

Date of Incorporation :	13.09.2010

Com. Reg. No.:	C097681

Legal Form :	Global Business Category 1

Line of Business :	Consultancy firm

No. of Employees	02

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Mauritius

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

MAURITIUS ECONOMIC OVERVIEW

Mauritania's economy is dominated by natural resources and agriculture. Half the population still depends on agriculture and livestock for a livelihood, even though many of the nomads and subsistence farmers were forced into the cities by recurrent droughts in the 1970s and 1980s. Mauritania's extensive mineral resources include iron ore, gold, copper, gypsum, and phosphate rock and exploration is ongoing for uranium, crude oil, and natural gas. Extractive commodities make up 75% of Mauritania's total exports. The nation's coastal waters are among the richest fishing areas in the world, and fishing accounts for 20% of budget revenues, but overexploitation by foreigners threatens this key source of revenue. Risks to Mauritania's economy include its recurring exposure to droughts, dependence on foreign aid and investment, and insecurity in neighboring Mali, as well as significant shortages of infrastructure, institutional capacity, and human capital.

Source : CIA

Company name and address

SUBJECT'S NAME
Registered Name:	PEEPUL CAPITAL FUND III LLC
Requested Name:	PEEPUL CAPITAL FUND III LLC
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	St. Louis Business Centre Cnr Desroches & St Louis Streets
	Port Louis
Country:	Mauritius
Phone:	230-2031100
Fax:	230-2031150
Email:	contact@krossborder.mu/ fiduciary@krossborder.intnet.mu
Website:	www.krossborder.com

LEGAL

Legal Form:	GLOBAL BUSINESS CATEGORY 1
Date Incorporated:	13-Sept-2010
Reg. Number:	C097681
Nominal Capital	MUR. 100,000
Subscribed Capital	MUR. 100,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Undisclosed	Directors
Kross Border Trust Services Limited	Trustee/Agent

RELATED COMPANIES

None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
None	Branches of the firm
___________________________________________________________________________

OPERATIONS

Consultancy firm
Imports:	None Stated
Exports:	None Stated
Trademarks:	None
Terms of sale:	Undisclosed

Main Customers:	Undisclosed
Employees:	2 employees.
Vehicles:	Undisclosed
Territory of sales:	Mauritius
Location:	Undisclosed

AUDITORS AND INSURANCE

Auditors:	Information not available.
Insurance Brokers:	Information not available.

FINANCE

Currency Reported:	Mauritius Rupee (MUR.)
Approx. Ex. Rate:	1 US Dollar = 30.27 Mauritius Rupee
Fiscal Year End:	December 31, 2013
Inflation:	According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

Financial Information undisclosed

BANK

Bank Name:	Barclays Bank
Branch:	Mauritius
Comments:	None

_______________________________________________________________________

COMMENTS / ADDITIONAL INFORMATION

This information was obtained from outside sources other than the subject company itself .

A Global Business Category 1 (GBL1) is a company engaged in qualified global business and which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and where business is conducted in a currency other than the Mauritian rupee.

It is the recommended structure for individuals, body corporate, trust or partnership including limited liability partnership or a société for investment and other high profile business. A GBL1 may be locally incorporated or may be registered as a branch of a foreign company. Public companies, those engaged in banking, insurance and fund management, and companies wishing to benefit from the provisions of Double Taxation Agreements (DTAs), can only be incorporated as GBL1 companies.

Confidentiality is strictly observed in terms of the Financial Services Development Act 2001(FSD Act). No person or body is authorized to disclose information or present documentation to any court, tribunal, committee of inquiry or other authority in Mauritius unless ordered to do so by a Court of Law on application by the Director of Public Prosecution for inquiry into the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering as defined under existing legislation. Upon application to the FSC, full disclosure is required on the beneficial owners of the company. However, such information is not available for public inspection.

The company is incorporated with an agent who is also the legal officer who represents the company.

It is difficult to investigate due to the Mauritius regulations protecting the non disclosure of the name of the shareholders.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIS

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	--

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%)

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