MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	ADVENT INFRAPROJECTS PRIVATE LIMITED (w.e.f. 06.04.2010)

Formerly Known As :	ADVENT INSURANCE SERVICES PRIVAT LIMITED

Registered Office :	424-425, Ganpati Plaza, M.I. Road, Jaipur – 302001, Rajasthan

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	22.10.2001

Com. Reg. No.:	17-017249

Capital Investment / Paid-up Capital :	Rs.13.406 Millions

CIN No.: [Company Identification No.]	U45400RJ2001PTC017249

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Agro Commodities.

No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 1030000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There seems some dip in the turnover of the company during 2013. Profit margin of the company is also low. However, no borrowing recorded by the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years. China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies. A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Naresh Kothari
Designation :	Account Manager
Contact No.:	91-141-2389004
Date :	03.09.2014

LOCATIONS

Registered Office :	424-425, Ganpati Plaza, M.I. Road, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2389004
Mobile No.:	91-9829069169 (Mr. Naresh Kothari)
Fax No.:	91-141-2389007
E-Mail :	mittalrakesh_ca@yahoo.com dpsehgal@gmail.com
Area :	3000 Sq. Ft
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Dharam Pal Sehgal

Designation :

Director

Address :

277-278, Nemi Sagar Colony, Queens Road, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

19.08.1962

Date of Appointment :

22.10.2001

DIN No.:

00090735

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	U51101RJ1992PTC006735	ADVENTAGE AGENCY PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
2	U67120RJ1995PTC009792	R.V.SECURITIES PRIVATE LIMITED	Director	02/05/1998	02/05/1998	25/08/2009	Active	NO
3	U23201RJ1998PTC015106	AAPURTI POLYMERS PRIVATE LIMITED	Director	15/09/1998	15/09/1998	-	Active	NO
4	U72200RJ2000PTC016266	ICE SOFTEK PRIVATE LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO
5	U51311RJ2000PTC016331	ASTRA TRADE LINK PRIVATE LIMITED	Director	20/04/2000	20/04/2000	-	Active	NO
6	U51109RJ2000PTC016632	ADVENT AUTOMOBILES PRIVATE LIMITED	Director	13/09/2000	13/09/2000	-	Active	NO
7	U25209RJ1994PTC008004	KAMANI PLASTIPACK PRIVATE LIMITED	Director	30/09/2000	30/09/2000	21/04/2012	Active	NO
8	U14101RJ1995PTC010160	MERU MARMO PRIVATE LIMITED	Director	16/05/2001	16/05/2001	-	Active	NO
9	U45400RJ2001PTC017249	ADVENT INFRAPROJECTS PRIVATE LIMITED	Director	22/10/2001	22/10/2001	-	Active	NO
10	U65993RJ1995PTC018535	AMRITANANDAN CITY SCAPE PRIVATE LIMITED	Director	02/05/2002	02/05/2002	-	Active	NO
11	U74899DL1992PTC051201	CAPITAL AGENCIES PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
12	U74899DL1993PTC052346	PURE LUBES AND ALLIED PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
13	U74140RJ2003PTC018171	SHYAMSHREE SERVICES AND CONSULTANCY PRIVATE LIMITED	Director	04/02/2004	04/02/2004	-	Active	NO
14	U51311RJ1998PTC015105	AKRITI TRADELINK PRIVATE LIMITED	Director	06/02/2004	06/02/2004	26/03/2014	Active	NO
15	U74899DL1984PTC015362	KASHYAP GEO TECHNICAL ENGINEERS PRIVATE LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO
16	U45201DL2003PTC120660	PALMOHAN DEVELOPERS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
17	U70109DL2006PTC151405	PROFESSIONAL BUILDCON PRIVATE LIMITED	Director	02/08/2006	02/08/2006	20/08/2011	Active	NO
18	U70109DL2006PTC151404	ACTIVE DEVELOPERS PRIVATE LIMITED	Director	02/08/2006	02/08/2006	-	Active	NO
19	U45200DL2006PTC153473	PROGRESSIVE BUILDMART PRIVATE LIMITED	Additional director	06/12/2006	06/12/2006	19/02/2007	Active	NO
20	U45201RJ1995PTC009488	JANPRIYA BUILDERS PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
21	U51909DL2004PTC125669	Y B EXPORTS PRIVATE LIMITED	Director	17/06/2008	17/06/2008	02/05/2011	Active	NO
22	U31104DL2004PTC127710	AMS POWERTRONIC PRIVATE LIMITED	Director	20/07/2008	20/07/2008	20/01/2009	Active	NO
23	U45400DL2007PTC168349	NEWHIGH DEVELOPERS PRIVATE LIMITED	Director	20/07/2008	20/07/2008	04/12/2013	Active	NO
24	U40106RJ2008PTC027257	FIRST CHOICE REALMART PRIVATE LIMITED	Director	26/08/2008	26/08/2008	29/06/2010	Active	NO
25	U40106RJ2008PTC027258	FALCON PROGRESSIVE VENTURES PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
26	U45201RJ2008PTC027256	WISDOM REALMART PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
27	U45201RJ2008PTC027254	SYMPHONY REALMART PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
28	U70109DL2006PTC150898	SKYHIGH TECHNOBUILD PRIVATE LIMITED	Additional director	30/10/2008	30/10/2008	-	Active	NO
29	U40106RJ2010PTC032202	ADVENT SOLAR POWER LINER PRIVATE LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO
30	U27109RJ2010PTC030708	Panchsheel Global Private Limited	Director	27/09/2010	18/08/2010	04/12/2013	Active	NO
31	U45201RJ2007PTC024574	MARUBHUMI INFRASTRUCTURES PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
32	U45201RJ2011PTC036084	ADVENT COLONIZERS PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO
33	U70101RJ2011PTC036479	ADITI REALHOME PRIVATE LIMITED	Director	14/09/2011	14/09/2011	-	Active	NO
34	U70109DL2006PTC149309	WIGEON PROMOTERS AND DEVELOPERS PRIVATE LIMITED	Additional director	27/07/2012	27/07/2012	24/03/2014	Active	NO

Name :

Mrs. Renu Sehgal

Designation :

Director

Address :

277-278, Nemi Sagar Colony, Queens Road, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

01.11.1955

Date of Appointment :

06.02.2004

DIN No.:

00293795

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	U74899DL1993PTC052346	PURE LUBES AND ALLIED PRIVATE LIMITED	Director	19/03/2001	19/03/2001	-	Active	NO
2	U14101RJ1995PTC010160	MERU MARMO PRIVATE LIMITED	Director	16/05/2001	16/05/2001	-	Active	NO
3	U51311RJ1998PTC015105	AKRITI TRADELINK PRIVATE LIMITED	Director	26/03/2002	26/03/2002	26/03/2014	Active	NO
4	U51311RJ2000PTC016331	ASTRA TRADE LINK PRIVATE LIMITED	Director	26/03/2002	26/03/2002	-	Active	NO
5	U51101RJ1992PTC006735	ADVENTAGE AGENCY PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
6	U45400RJ2001PTC017249	ADVENT INFRAPROJECTS PRIVATE LIMITED	Director	06/02/2004	06/02/2004	-	Active	NO
7	U23201RJ1998PTC015106	AAPURTI POLYMERS PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Active	NO
8	U31104DL2004PTC127710	AMS POWERTRONIC PRIVATE LIMITED	Director	20/07/2008	20/07/2008	20/01/2009	Active	NO
9	U45400DL2007PTC168349	NEWHIGH DEVELOPERS PRIVATE LIMITED	Director	20/07/2008	20/07/2008	04/12/2013	Active	NO
10	U40106RJ2008PTC027258	FALCON PROGRESSIVE VENTURES PRIVATE LIMITED	Director	26/08/2008	26/08/2008	29/06/2010	Active	NO
11	U40106RJ2008PTC027257	FIRST CHOICE REALMART PRIVATE LIMITED	Director	26/08/2008	26/08/2008	26/12/2013	Active	NO
12	U45201RJ2008PTC027256	WISDOM REALMART PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
13	U45201RJ2008PTC027254	SYMPHONY REALMART PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
14	U74899DL1984PTC015362	KASHYAP GEO TECHNICAL ENGINEERS PRIVATE LIMITED	Director	10/03/2010	10/03/2010	-	Active	NO
15	U40106RJ2010PTC032233	AJMER POWER LINER PRIVATE LIMITED	Director	28/06/2010	28/06/2010	-	Active	NO
16	U72200RJ2000PTC016266	ICE SOFTEK PRIVATE LIMITED	Additional director	28/04/2012	28/04/2012	-	Active	NO
17	U70109DL2006PTC151404	ACTIVE DEVELOPERS PRIVATE LIMITED	Additional director	28/04/2012	28/04/2012	-	Active	NO
18	U65993RJ1995PTC018535	AMRITANANDAN CITY SCAPE PRIVATE LIMITED	Director	29/09/2012	28/04/2012	-	Active	NO
19	U51109RJ2000PTC016632	ADVENT AUTOMOBILES PRIVATE LIMITED	Additional director	30/05/2012	30/05/2012	-	Active	NO
20	U70109DL2006PTC149309	WIGEON PROMOTERS AND DEVELOPERS PRIVATE LIMITED	Additional director	27/07/2012	27/07/2012	24/03/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Naresh Kothari
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
D.P. Sehga	1252300	93.41
Amar Kanwar	76250	5.69
Renu Sehgal	12097	0.90
Total	1340647	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Agro Commodities.

Exports :
Products :	Agro Commodities
Countries :	Pakistan

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :	10 (Approximately)

Bankers :	Bank of Baroda, Tripolia Bazar, Jaipur – 302001, Rajasthan, India


Banking Relations :	--

Auditors :
Name :	Maheshwari and Company Chartered Accountants
Address :	S-3, R-18 Aastha Square, Yudhistir Marg C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-4033660
E-Mail :	mittalrakesh_ca@yaho.com
PAN No.:	AARFM6364N

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1340647	Equity Shares	Rs.10/- each	Rs.13.406 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.406	13.406	13.406
(b) Reserves & Surplus	243.317	243.168	247.794
(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)	256.723	256.574	261.200

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.233	0.233	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)	0.233	0.233	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.090	0.166	0.323
(d) Short-term provisions	3.732	1.545	10.986
Total Current Liabilities (4)	3.822	1.711	11.309

TOTAL	260.778	258.518	272.509

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.091	1.454	1.902
(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	60.300	24.600	20.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.391	26.054	21.902

(2) Current assets
(a) Current investments	10.096	108.459	23.511
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	51.986	50.779	0.359
(d) Cash and cash equivalents	5.090	6.916	5.537
(e) Short-term loans and advances	132.215	66.310	221.200
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	199.387	232.464	250.607

TOTAL	260.778	258.518	272.509

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	45.508	679.067	498.891
		Other Income	3.006	8.860	1.179
		TOTAL (A)	48.514	687.927	500.070

Less	EXPENSES
		Purchase of Stock-in-trade	23.057	0.000	0.000
		Employee Benefits Expenses	1.709	1.461	2.107
		Other Expenses	23.226	692.814	491.081
		TOTAL (B)	47.992	694.275	493.188

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.522	(6.348)	6.882

Less	FINANCIAL EXPENSES (D)		0.010	0.023	0.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.512	(6.371)	6.882

Less	DEPRECIATION/ AMORTISATION (F)		0.363	0.475	0.340

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.149	(6.846)	6.542

Less	TAX (H)		0.000	0.000	0.000

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.149	(6.846)	6.542

	Earnings Per Share (Rs.)		0.11	(5.11)	4.88

Note: Turnover of the company has come down because before they are into toll collection from 3 years but last year they stop that collection, now they are in trading of agro commodities.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.31	(1.00)	1.31

Net Profit Margin (PBT/Sales)	(%)	0.33	(1.01)	1.31

Return on Total Assets (PBT/Total Assets}	(%)	0.07	(2.93)	2.59

Return on Investment (ROI) (PBT/Networth)		0.00	(0.03)	0.03

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		52.17	135.86	22.16

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	13.406	13.406	13.406
Reserves & Surplus	247.794	243.168	243.317
Net worth	261.200	256.574	256.723

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	498.891	679.067	45.508
		36.115	(93.298)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	498.891	679.067	45.508
Profit	6.542	(6.846)	0.149
	1.31%	(1.01%)	0.33%

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	Yes
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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
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)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
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

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.44
UK Pound	1	Rs.98.64
Euro	1	Rs.78.20

INFORMATION DETAILS

Information Gathered by :	HNA

Analysis Done by :	DIV

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		34

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.

MIRA INFORM REPORT

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