MIRA INFORM REPORT

Report No. :	354633
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	INVESTEC CAPITAL SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	The Capital A Wing, 607, Sixth Floor, G- Block, Plot No. C-70, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-61367400
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	16.06.2010
Com. Reg. No.:	11-204309
Capital Investment / Paid-up Capital :	Rs.23.425 Million
CIN No.: [Company Identification No.]	U65923MH2010FTC204309
IEC No.:	0312030428
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCI3378N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into providing merchant Banking, investment advisory, financial consultancy, management consultancy and other related services. (Registered Activity)
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Investec Capital Services (India) Private Limited is based in Mumbai, India. Investec Capital Services (India) Private Limited operates as a subsidiary of “Investec Investment (UK) Limited”. The company is in the business to provide merchant Banker registered with SEBI. The ratings assigned to company derive strength from strong parentage and experienced promoters with established track record, improved financial performance during FY15, marked by increase in the total net profit and strong in capital structure, cash and bank balance along with zero debt balance sheets. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. In view of strong financial and managerial support from its holding company, the company can be considered for business dealings with usual trade term and conditions.

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

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-cooperative (91-22-61367400)

LOCATIONS

Registered Office :	The Capital A Wing, 607, Sixth Floor, G- Block, Plot No. C-70, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-61367400
Fax No.:	91-22-61367495
E-Mail :	indu.Singh@investec.co.in regular-correspondance@investec.co.in
Website :	www.investec.com

DIRECTORS

As on 31.03.2015

Name :	Mr. Venkat Subramanian Chandrasekharan Tirumangalakudi
Designation :	Director
Address :	Flat 10, 3rd Floor, Devayan Apartments, Ganesh Nagar, Pappammal Koil Street, Puducherry - 605003, India
Date of Birth/Age :	30.10.1949
Date of Appointment :	22.09.2010
DIN No.:	00040526
Name :	Mr. Nimish Jayant Vakil
Designation :	Director
Address :	Shanti Sadan, 3 - Vatcha Gandhi Road, Mumbai - 400007, Maharashtra, India
Date of Birth/Age :	18.03.1964
Date of Appointment :	16.06.2010
DIN No.:	00368177
Name :	Mr. Sudhir Kumar Dash
Designation :	Director
Address :	502 La Roche, Almeida Park Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Birth / Age :	51 Years
Qualification :	M. Phil Economics
Date of Appointment :	28.11.2014
DIN No.:	02333076
Name :	Mr. Radhakrishnan Ajeeth Narayan
Designation :	Director
Address :	Flat 1, 50 Greencroft Gardens, London, Nw63lu, United Kingdom
Date of Birth/Age :	16.11.1968
Date of Appointment :	16.06.2010
DIN No.:	02885718
Name :	Alan Tapnack
Designation :	Director
Address :	36 Mowbray Road, Edgware, Ha88jq, United Kingdom
Date of Birth/Age :	01.01.1947
Date of Appointment :	16.08.2010
DIN No.:	03108537
Name :	Ian Robert Wohlman
Designation :	Director
Address :	Park Lands, 41 Burgess Wood Road South, Beaconsfield, London, Hp91el, United Kingdom
Date of Birth/Age :	12.10.1954
Date of Appointment :	05.02.2014
DIN No.:	06806406
Name :	Mr. Anand Rajaram
Designation :	Director
Address :	101, 1st Floor, Tilia Building, Sector R-12, Nahar Amrit Shakti, Chandivali Powai, Mumbai - 400072, Maharashtra, India
Date of Birth / Age :	44 Years
Qualification :	CA, Master in Financial Management
Date of Appointment :	23.12.2014
DIN No.:	07052529

KEY EXECUTIVES

Name :	Indu Singh
Designation :	Company Secretary
Address :	Lok- Upvan Phase- 1, Kaveri CHS, A- 2/601, Off Pokhran Road No. 2, Thane West - 400601, Maharashtra, India
Date of Birth/Age :	20.11.1961
Date of Appointment :	17.05.2012
PAN No.:	ADFPS2308R

MAJOR SHAREHOLDERS

As on 23.09.2015

Names of Shareholders	No. of Shares	%age holding
Nimish Jayant Vakil	587500	25.08
Investec Investment (UK) Limited, United Kingdom	1755000	74.92
Total	2342500	100.00

As on 24.09.2015

Names of Allottee	No. of Shares Allotted
Investec Investment (UK) Limited, United Kingdom	170300
Total	170300

As on 24.09.2014

Equity Share Break up (Percentage of Total Equity)

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	74.92
Directors or relatives of Directors	25.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into providing merchant Banking, investment advisory, financial consultancy, management consultancy and other related services. (Registered Activity)

Products / Services :

Product / Service Description	Item Code No. (ITC Code)
Financial Consultancy Services	99715910

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
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 :

Information declined by the management.

Bankers :

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

Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	14^th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
PAN No.:	ACHFS9180N
Memberships :	Not Available
Collaborators :	Not Available
Immediate Holding Company :	Investec Investments (UK) Limited (Previously Known as Guinness Mahon and Co Limited)
Holding Company of Immediate Holding Company :	Investec Bank Plc
Ultimate Holding Company :	Investec Plc

CAPITAL STRUCTURE

After 23.09.2015

Authorised Capital: Rs.48.000 Million

Issued, Subscribed & Paid-up Capital: Rs.25.698 Million

As on 23.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
4800000	Equity Shares	Rs.10/- each	Rs.48.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2342500	Equity Shares	Rs.10/- each	Rs.23.425 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.425	23.425	23.425
(b) Reserves & Surplus	167.562	127.860	127.865
(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)	190.987	151.285	151.290
(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	0.000	0.000	0.000
(d) long-term provisions	5.913	3.130	1.611
Total Non-current Liabilities (3)	5.913	3.130	1.611
(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	13.462	26.897	11.971
(d) Short-term provisions	37.390	26.336	1.852
Total Current Liabilities (4)	50.852	53.233	13.823
TOTAL	247.752	207.648	166.724
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.570	16.869	21.209
(ii) Intangible Assets	0.021	0.143	0.265
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	38.811	21.040	19.041
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	52.402	38.052	40.515
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	67.874	15.187	94.258
(d) Cash and cash equivalents	108.637	135.924	26.636
(e) Short-term loans and advances	5.894	5.286	2.814
(f) Other current assets	12.945	13.199	2.501
Total Current Assets	195.350	169.596	126.209
TOTAL	247.752	207.648	166.724

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	254.715	165.431
	Other Income	7.562	8.662
	TOTAL	262.277	174.093	134.182
Less	EXPENSES
	Employees benefits expense	141.894	91.984
	Other expenses	73.020	74.800
	TOTAL	214.914	166.784	120.721
				(Including Depreciation)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	47.363	7.309
Less/ Add	DEPRECIATION/ AMORTISATION	5.201	5.314
	PROFIT/ (LOSS) BEFORE TAX	42.162	1.995	13.461
Less	TAX	2.460	2.000	1.120
	PROFIT/ (LOSS) AFTER TAX	39.702	(0.005)	12.341
	Earnings / (Loss) Per Share (Rs.)	16.94	0.00	5.26

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(33.069)	104.317	NA
Net cash flows from	(33.069)	104.317	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	15.59	0.00	NA
Operating Profit Margin (PBDIT / Sales)	(%)	18.59	4.42	NA
Return on Total Assets (PBT/Total Assets}	(%)	17.02	0.96	8.07
Return on Investment (ROI) (PBT/Networth)		0.22	0.01	0.09
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.84	3.19	9.13

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	23.425	23.425	23.425
Reserves & Surplus	127.865	127.860	167.562
Net worth	151.290	151.285	190.987
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	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	165.431	254.715
		53.971

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	165.431	254.715
Profit	(0.005)	39.702
	0.00%	15.59%

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	No
8	Designation of contact person	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION (As on 31.03.2014)

Subject is a private limited company incorporated on June 16, 2010 under the Companies Act, 1956 to provide merchant Banking, investment advisory, financial consultancy, management consultancy and other related services.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Furniture and Fixture
• Office Equipment
• Computers
• Leasehold Improvements

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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KYP
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		49

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.