MIRA INFORM REPORT

Report No. :	353207
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	AFRO-ASIAN INSURANCE AND REINSURANCE BROKERS (INDIA) PRIVATE LIMITED (w.e.f. 28.03.2008)
Formerly Known As :	AFRO-ASIAN INSURANCE SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	1406-A, Cyber One, Plot No. 4 and 6, Sector 30-A, Vashi, Navi Mumbai – 400705, Maharashtra
Tel. No.:	91-22-67167200/ 65301052
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.11.2000
Com. Reg. No.:	11-129466
Capital Investment / Paid-up Capital :	Rs. 50.000 Million
CIN No.: [Company Identification No.]	U74999MH2000PTC129466
IEC No.:	Not Divulged
TAN No.: [Tax Deduction and Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCA4484G
Legal Form :	Private Limited Liability Company
Line of Business :	The company is in the business of Insurance and Reinsurance Broking. (Indirect Sources)
No. of Employees :	Information declined by Management

RATING and COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Icecorp Solutions Private Limited”, India. It is an established company incorporated in the year 2000 having moderate track. As per Registrar of Companies, the date of balance sheet i.e. financial filed is shown as 31.03.2015 but the documents related to the financials for the year 2015 are not available from any sources. As per available financial of 2014, the company has incurred some accumulated losses which seems to be increasing. Moreover, the rating weakness is partially offset by support received to the subject from its holding company. Trade relations are reported as fair. Business is active. Payments 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-CO-OPERATIVE

(91-22-71301000)

LOCATIONS

Registered Office :	1406-A, Cyber One, Plot No. 4 and 6, Sector 30-A, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-67167200/ 65301052
Fax No.:	91-22-67167201
E-Mail :	mapa31@rediffmail.com info@afroasian-insurance.co.in
Website :	http://www.afroasian-insurance.co.in
Branch Office :	75, Bajaj Bhawan, Nariman Point, Mumbai – 4200021, Maharashtra, India
Tel. No.:	91-22-71301000

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Rajesh Ramniklal Kapasi
Designation :	Whole-Time Director
Address :	'Shrimad', 6, Darshan Society, Near Vaishnav Township, Bakrol Road, Anand - 388315, Gujarat, India
Date of Birth/Age :	18.05.1951
Date of Appointment :	30.06.2014
PAN No.:	AEMPK9047F
DIN No.:	00932630

Name :	Mr. Pradeep Gangaram Karyakarte
Designation :	Whole-Time Director
Address :	C-504, Keshav Kunj III, Plot No. 19, Sector - 14, Sanpada - Vashi, Navi Mumbai - 400705, Maharashtra, India
Date of Birth/Age :	30.07.1954
Date of Appointment :	30.06.2014
DIN No.:	02895520

Name :	Mr. Udai Rasiklal Patel
Designation :	Director
Address :	10, Gordon Avenue, Stanmore MIDDX. HA73QD, United Kingdom, HA73QD, United Kingdom
Date of Birth/Age :	22.03.1961
Date of Appointment :	18.05.2004
DIN No.:	03594010

Name :	Mr. Jay Bharat Thakker
Designation :	Whole-Time Director
Address :	Flat 2, Dale Lodge, Shepherds Hill, London, N65RL, United Kingdom
Date of Birth/Age :	24.06.1978
Date of Appointment :	30.12.2014
DIN No.:	07045469

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Afro Asian Insurance Services Limited	650000
Mr. Rajesh Raminiklal Kapsi	411000
Icecorp Solutions private Limited	3339000
Meena Patel	600000
Total	5000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.00
Bodies corporate	66.78
Directors or relatives of Directors	20.22
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is in the business of Insurance and Reinsurance Broking.

(Indirect Sources)

Products :

Item Code No.	Product Description
9971	Licensed as a Composite Broker by the Insurance and Regulatory Development Authority (IRDA) of India

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by Management

Bankers :

Bank Name	Not Available
Branch	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	Arvind H. Shah and Company Chartered Accountants
Address :	512/513, Jolly Bhavan No. 1, 10, New Marine Lines, Mumbai - 400020, Maharashtra, India
PAN No. of Auditors Firm:	AAFPS8125F
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding company :	Icecorp Solutions Private Limited, India, [U72200GJ2003PTC043165]

CAPITAL STRUCTURE

AS ON 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 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	50.000	50.000	50.000
(b) Reserves and Surplus	(19.924)	(18.183)	(20.258)
(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)	30.076	31.817	29.742
(3) Non-Current Liabilities
(a) long-term borrowings	0.308	0.628	0.308
(b) Deferred tax liabilities (Net)	(4.259)	(0.036)	0.110
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.657
Total Non-current Liabilities (3)	(3.951)	0.592	1.075
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4.622	4.609	4.748
(c) Other current liabilities	11.317	4.780	4.622
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	15.939	9.389	9.370
TOTAL	42.064	41.798	40.187
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.823	1.790	1.877
(ii) Intangible Assets	0.166	0.476	0.947
(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	35.224	33.841	31.477
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.195	1.300	1.711
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	43.408	37.407	36.012
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	2.569	2.199	1.414
(d) Cash and cash equivalents	(6.572)	0.038	0.752
(e) Short-term loans and advances	2.659	2.154	2.009
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	(1.344)	4.391	4.175
TOTAL	42.064	41.798	40.187

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL TURNOVER	9.829	9.819	12.659
Less	TOTAL EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(4.833)	2.989	5.054
Less	DEPRECIATION/ AMORTISATION	1.130	1.060	0.869
	PROFIT/ (LOSS) BEFORE TAX	(5.963)	1.929	4.185
Less	TAX	(4.223)	(0.146)	(0.063)
	PROFIT/ (LOSS) AFTER TAX	(1.740)	2.075	4.248
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(18.183)	(20.258)	(24.506)
	BALANCE CARRIED TO THE BALANCE SHEET	(19.923)	(18.183)	(20.258)
	EARNINGS IN FOREIGN CURRENCY	7.289	11.940	0.000
	EARNINGS / (LOSS) PER SHARE (RS.)	(1.46)	0.41	0.85

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Cash generated from (Used) operations	(5.933)	(0.476)	(0.476)
Cash generated from Operating Activities	(5.933)	(0.476)	(0.476)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(17.70)	21.13	33.56
Operating Profit Margin (PBIDT/Sales)	(%)	(49.17)	30.44	39.92
Return on Total Assets (PBT/Total Assets}	(%)	(87.18)	24.24	48.05
Return on Investment (ROI) (PBT/Networth)		(0.20)	0.06	0.14
Debt Equity Ratio (Total Debt /Networth)		0.01	0.02	0.01
Current Ratio (Current Asset/Current Liability)		(0.08)	0.47	0.45

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	50.000	50.000	50.000
Reserves and Surplus	(20.258)	(18.183)	(19.924)
Net worth	29.742	31.817	30.076
long-term borrowings	0.308	0.628	0.308
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.308	0.628	0.308
Debt/Equity ratio	0.010	0.020	0.010

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	12.659	9.819	9.829
		(22.435)	0.102

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	12.659	9.819	9.829
Profit	4.248	2.075	(1.740)
	33.56%	21.13%	(17.70%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered office of the company is shifted from 220 / Platinum Techno Park, Sector 30-A, Plot No. 17-18, Near Raghuleel Mall, Vashi, Navi Mumbai - 400705, Maharashtra, India to present address w.e.f. 01/11/2013.

INDEX OF CHARGES: NO CHARGES EXISTS FOR THE COMPANY

FIXED ASSETS

• Land and Building
• Furniture’s and Fixtures
• Office Equipment
• Computer
• Vehicles

CMT REPORT (Corruption, Money Laundering and 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. 66.75
UK Pound	1	Rs. 99.61
Euro	1	Rs. 70.67

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SYL

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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 and 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.