MIRA INFORM REPORT

Report No. :	315675
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	INGENERIE TECHNOLOGIES SOLUTIONS PRIVATE LIMITED (w.e.f. 24.01.2013)

Formerly Known As :	MANGO HEALTHCARE SOLUTIONS PRIVATE LIMITED (w.e.f. 26.07.2010) YERRAM SOLUTIONS PRIVATE LIMITED

Registered Office :	H. No. 8-2-268/1/D/B, Mega City No.558, Swarna Heights, Aurora Colony, Road No.3, Banjara Hills, Hyderabad – 500 034, Telangana

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.01.2005

Com. Reg. No.:	36-045093

Capital Investment / Paid-up Capital :	Rs.162.286 million

CIN No.: [Company Identification No.]	U72900TG2005PTC045093

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	HYDM10771F

PAN No.: [Permanent Account No.]	AAACY2368L

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in providing software development services and E-Ticketing Projects.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 415000

Status :	Project under implementation

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in 2005 by Y.V. Reddy and was involved in real estate business. However, as per the available it seems that the management has not performed any core business operations until FYE13, whereas has begun operations in April 2014; after winning a tender from the Tamilnadu government for the procurement of GPS driven ticketing machines for the state owned transport corporations, in collaboration with two other technological firms namely “Analogics Tech India Private Limited” and “Abhibus Services India Private Limited” which is still under its nascent stage of implementation. The company possesses a moderate financial profile marked by minimal capital base, where substantial portion of the equity is yet to be infused into the project along with favourable capital structure till date with no borrowings reported in the books. Subsequently, there seems an unfavourable gap between its current assets and liabilities coupled with some future estimated expenses which may force the management to opt for external borrowings in order to satisfy there working capital requirements. Further, management has not reported any revenue from its operations, but has recorded a miniscule other income in the form of interest from fixed deposits during FY 14. Moreover, some pre-operative and project expenses have been accumulated as losses in the books which may be wiped of soon when the subject receives some proceedings from the client on the pro rata basis. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of no prior track record of the management in executing any technological orders, the company can be considered for business dealings with 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATINGS AND RESEARCH
Rating	Fund Based Working Capital Limits: B+
Rating Explanation	High risk of default regarding timely servicing of financial obligations.
Date	27.10.2014

Rating Agency Name	INDIA RATINGS AND RESEARCH
Rating	Proposed Non-Fund Based Working Capital Limits: A4
Rating Explanation	Minimal degree of safety regarding timely payment of financial obligations.
Date	27.10.2014

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

Name :	Mr. Keshavaulu Ganji
Designation :	Finance Manager
Contact No.:	91-9966779830
Date :	02.04.2015

LOCATIONS

Registered Office :	H. No. 8-2-268/1/D/B, Mega City No.558, Swarna Heights, Aurora Colony, Road No.3, Banjara Hills, Hyderabad – 500 034, Telangana, India
Tel. No. :	91-40-23554556
Mobile No. :	91-9445142323 (Mr. Suresh Chodavaram) 91-9966779830 (Mr. Keshavaulu Ganji)
Fax No. :	91-40-23554556
E-Mail :	swarnaprop40@hotmail.com suresh@ingenerie.com keshav@swarnaprojects.com secretarial@agrlaws.com
Website :	http://www.ingenerie.org

DIRECTORS

AS ON 28.01.2013

Name :

Mr. Yerram Vikranth Reddy

Designation :

Managing director

Address :

H. No.558, Road No.3, Arora Colony, Banjara Hills, Hyderabad – 500 034, Telangana, India

Date of Birth/Age :

11.04.1985

Date of Appointment :

01.04.2014

DIN No. :

01220652

PAN No.:

ABMPY0263C

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	U72900TG2005PTC045093	INGENERIE TECHNOLOGIES SOLUTIONS PRIVATE LIMITED	Managing director	01/04/2014	10/01/2005	-	Active	NO
2	U70109KA2007PTC042000	CORAL GABLES PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
3	U31401TN2007PTC064979	BRACH POWER PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
4	U24231KA2007PLC041743	INDUS GENE EXPRESSIONS LIMITED	Director	06/11/2008	06/11/2008	01/09/2012	Active	NO
5	U24239TG1995PLC019750	SHREE SWARNA SAI ENERGY LIMITED	Director	12/11/2008	12/11/2008	-	Active	NO
6	U45200TG2005PTC045770	VASANTHA HIMA CONSTRUCTIONS PRIVATE LIMITED	Director	01/12/2008	01/12/2008	-	Active	NO
7	U74900TG2009PTC062411	SWARNA PROJECTS PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO
8	U31400TG2010PTC067341	SWARNANDHRA SOLAR POWER PRIVATE LIMITED	Director	03/03/2010	03/03/2010	-	Under Process of Striking off	NO
9	U45207TG2010PTC070461	INGENERIE INFRATECH INDIA PRIVATE LIMITED	Director	16/09/2010	16/09/2010	-	Under Process of Striking off	NO
10	U28990TG2011PTC076730	SWARNA VALVES PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Under Process of Striking off	NO
11	U40102TN1999PTC043275	SREE SWARNA URBAN INFRA PRIVATE LIMITED	Director	23/07/2012	23/07/2012	-	Active	NO
12	U40107TG2013PTC085961	INGENERIE POWER PROJECTS PRIVATE LIMITED	Director	27/02/2013	27/02/2013	-	Active	NO

Name :

Mr. Yerram Hanuma Reddy

Designation :

Director

Address :

Flat No.304, Dheeraj Courts Apartments, Iskon Temple Road, Srinagar Colony, Nellore – 524 003, Andhra Pradesh, India

Date of Birth/Age :

07.05.1964

Date of Appointment :

17.01.2013

DIN No. :

01169382

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	U01119TG1994PLC017458	SWARNA AGRO TECH LIMITED	Director	02/05/1994	02/05/1994	-	Active	NO
2	U24239TG1995PLC019750	SHREE SWARNA SAI ENERGY LIMITED	Director	21/03/1995	21/03/1995	-	Active	NO
3	U40102TN1999PTC043275	SREE SWARNA URBAN INFRA PRIVATE LIMITED	Director	05/10/1999	05/10/1999	-	Active	NO
4	U40101KA2002PTC030798	VIKRANTH ENERGY PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
5	U72900TG2005PTC045093	INGENERIE TECHNOLOGIES SOLUTIONS PRIVATE LIMITED	Director	17/01/2013	17/01/2013	-	Active	NO
6	U40107TG2013PTC085961	INGENERIE POWER PROJECTS PRIVATE LIMITED	Director	27/02/2013	27/02/2013	-	Active	NO
7	U45201TG2006PTC050275	SWARNA KSR INFRASTRUCTURE INDIA PRIVATE LIMITED	Director	27/01/2014	27/01/2014	-	Active	NO

Name :

Mr. Harshavardhan Pedakala

Designation :

Additional Director

Address :

102-B, Kavitha Apartments, Srinagar Colony, Hyderabad – 500 073, Telangana, India

Date of Appointment :

12.07.2013

DIN No. :

01926669

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	U70102KA2007PTC042297	GLOBAL ENTROPOLIS ASIA PRIVATE LIMITED	Nominee director	26/12/2007	26/12/2007	08/04/2008	Active	NO
2	U45200TG2005PTC045770	VASANTHA HIMA CONSTRUCTIONS PRIVATE LIMITED	Director	14/02/2009	14/02/2009	-	Active	NO
3	U40102TN1999PTC043275	SREE SWARNA URBAN INFRA PRIVATE LIMITED	Additional director	25/02/2009	25/02/2009	-	Active	NO
4	U70109KA2007PTC042000	CORAL GABLES PRIVATE LIMITED	Additional director	19/05/2009	19/05/2009	-	Active	NO
5	U24231KA2007PLC041743	INDUS GENE EXPRESSIONS LIMITED	Director	01/02/2010	01/02/2010	24/02/2011	Active	NO
6	U28990TG2011PTC076730	SWARNA VALVES PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Under Process of Striking off	NO
7	L70200TG1993PLC016389	SEA GOLD INFRASTRUCTURE LIMITED	Additional director	10/07/2012	10/07/2012	29/09/2012	Active	NO
8	U40107TG2013PTC085961	INGENERIE POWER PROJECTS PRIVATE LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO
9	U72900TG2005PTC045093	INGENERIE TECHNOLOGIES SOLUTIONS PRIVATE LIMITED	Additional director	12/07/2013	12/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Keshavaulu Ganji
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.01.2013

Names of Shareholders	No. of Shares	Percentage of holding
Y.V. Subba Reddy	5000	0.03
Y. Swarnalatha Reddy	5000	0.03
Y. Vikranth Reddy	16218603	99.94
Total	16228603	100.00

AS ON 28.01.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing software development services and E-Ticketing Projects.

Products/ Services :	Software Development Services E-Ticketing Projects.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Credit (30/ 60/ 90 days)

Purchasing :	Cash and Credit (30/ 60/ 90 days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Analogics Tech India Limited, Hyderabad
Name of the Person :	Mr. Madhu (Finance Manager)
Contact No.:	91-9000103458
Since How Long Known :	About 2 years
Experience :	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Maximum Limit Dealt :	Rs.500.000 million
Remark :	Good Company. No Complaints as such.

· Swarna Projects Private Limited

· Cybermatic Power Systems

· Serco India Private Limited

· Novateur Electric and Digital Systems Private Limited

· Sunnet Solutions Private Limited

· Classic Associates

· Jai Shree Enterprises

Customers :

End Users and OEM’s

Reference :	Metropolitan Transport Corporation Limited, Chennai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	ING Vysya Bank Limited
Branch Address	Banjara Hills, Hyderabad, Telangana, India
Person Name (With Designation)	Ms. Aruna (Assistant Branch Manager)
Contact Number	91-9030037278
Name of Account Holder	INGENERIE TECHNOLOGIES SOLUTIONS PRIVATE LIMITED
Account Number	737011040903
Account Since (Date/Year of Account Opening)	Since 2013
Average Balance Maintained (If Possible)	From last 6 months Rs.0.800 million
Credit Facilities Enjoyed (If any)	No Facilities
Account Operation	Not Divulged
Remarks (If any)	Transaction accounting is good. One of the HNI customer of the Bank.

· Syndicate Bank, Armenian Street Branch, No.69, Leelavathi Building, Armenian Street, Chennai – 600 001, Tamilnadu, India

· HDFC Bank Limited

· Axis Bank Limited

· Yes Bank Limited

· Bank of Baroda

· State Bank of India

Banking Relations :	--

Auditors :
Name :	V.S. Reddy and Company Chartered Accountants
Address :	8-2-120/86/3, Flat No.G-1, Krishna Sindhu Residency, Road No.3, Banjara Hills, Hyderabad – 500 034, Telangana, India

Memberships :	Not Available

Collaborators :	Not Available

Enterprises/ persons with whom the Company has transacted where key management personnel exercise significant influence :	Swarna KSR Infrastructure (India) Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
16500000	Equity Shares	Rs.10/- each	Rs.165.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16228603	Equity Shares	Rs.10/- each	Rs.162.286 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	162.286	162.286	0.150
(b) Reserves & Surplus	(17.126)	(10.998)	(5.224)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	4.855	5.381
Total Shareholders’ Funds (1) + (2)	145.160	156.143	0.307

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	157.745	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	157.745	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	122.741	0.085	0.085
(c) Other current liabilities	1.212	2.557	0.378
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	123.953	2.642	0.463

TOTAL	426.858	158.785	0.770

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.846	0.448	0.526
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	258.212	137.457	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	90.680	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	350.738	137.905	0.526

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	40.580	0.384	0.244
(e) Short-term loans and advances	35.540	20.496	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	76.120	20.880	0.244

TOTAL	426.858	158.785	0.770

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	0.000	0.000	0.000
		Other Income	2.269	0.000	0.000
		TOTAL	2.269	0.000	0.000

Less	EXPENSES
		Direct Expenditure	6.251	0.000	0.004
		Employee Benefits Expenses	0.269	3.670	3.349
		Administration and Other Expenses	0.711	1.960	0.327
		TOTAL	7.231	5.630	3.680

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(4.962)	(5.630)	(3.680)

Less	FINANCIAL EXPENSES		1.034	0.001	0.001

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(5.996)	(5.631)	(3.681)

Less/ Add	DEPRECIATION/ AMORTISATION		0.132	0.191	0.088

	PROFIT/ (LOSS) BEFORE TAX		(6.128)	(5.822)	(3.769)

Less	TAX		0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX		(6.128)	(5.822)	(3.769)

	Earnings / (Loss) Per Share (Rs.)		(3.76)	(0.36)	(251.27)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	0.00

Operating Profit Margin (PBDIT/ Sales)	(%)	0.00	0.00	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(3.63)	(27.30)	(489.48)

Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.04)	(12.28)

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

Current Ratio (Current Asset/Current Liability)		0.61	7.90	0.53

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	0.150	162.286	162.286
Reserves & Surplus	(5.224)	(10.998)	(17.126)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	5.381	4.855	0.000
Net worth	0.307	156.143	145.160

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	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	0.000	0.000	2.269

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	0.000	0.000	2.269
Profit	(3.769)	(5.822)	(6.128)
			(270.07%)

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered address of the company has been shifted from Swarna Treadstone, H.No.8-2-293/82/J/A/118, Journalist Colony, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh to the present address w.e.f. 05.04.2009.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490965	09/04/2014	80,000,000.00	SYNDICATE BANK	SYNDICATE BANK, ARMENIAN STREET BRANCH, NO.69, LEELAVATHI BUILDING, ARMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA	C03984622

FIXED ASSETS

· Computers

· Office Equipment

· Furniture and Fittings

WEBSITE DETAILS:

NEWS/ PRESS RELEASES:

GOVERNMENT DENIES IRREGULARITIES IN TICKETING MACHINE DEAL

2^nd April, 2013

Transport Minister V Senthil Balaji on Monday dismissed a media report alleging irregularities in the contract awarded for the procurement of GPS-driven ticketing machines for the State-owned transport corporations.

Replying to the special mention raised by the DMK, CPI, CPM and Puthiya Thamizhagam, the minister said every norm for awarding the contract was followed and Rs.279.700 million had been saved.

He announced that his department would sue the publisher, editor and the correspondent of the English daily for carrying a report contrary to the truth.

The Minister rejected DMK floor leader MK Stalin’s allegation that the contract for procuring the machines was awarded on the same day the government called for tenders.

To prove this, he revealed the timeline for the tendering process. The tender was floated on September 7, 2012, and fund allocation was made on December 26, 2012. The tenders were opened on January 24, 2013, while their scrutiny was held on February 26. The tender was finalised on February 28.

He said four consortiums had submitted tenders for the project and it was awarded to a consortium headed by Hyderabad-based Ingenerie Technologies Solutions, which quoted the lowest amount (Rs.13.43 per ticket).

After negotiations, it had agreed to reduce the rate to Rs.13.40. He denied another allegation that the Ingenerie had no prior experience in this project. The Mango Healthcare Solutions Private Limited, Hyderabad, had seven years of experience in this field and it had registered the company Ingenerie Techologies Solutions Private Limited as per the Companies Act.

The Minister said the consortium headed by Ingenerie had already distributed ticketing machines to transport corporations in Andhra Pradesh, Gujarat, Punjab and Rajasthan. Besides, the company also executed electronic ticketing system in more than 50 private bus companies in various states.

Comparing an attempt made by previous DMK regime to implement electronic ticketing system, he said it was not based on GPS and could not be operated online. The weight of that machine was 700 gm while Ingenerie’s machine was just 590 gm, which would help the conductors handle it easily.

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 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	Indian Rupees
US Dollar	1	Rs.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	SUB

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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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