MIRA INFORM REPORT

Report No. :	304338
Report Date :	21.01.2015

IDENTIFICATION DETAILS

Name :	DEVERE GROUP INDIA INVESTMENT ADVISORS PRIVATE LIMITED
Registered Office :	1309, Pragati Tower, 26, Rajendra Place, New Delhi – 110 008
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.12.2012
Com. Reg. No.:	55-245627
Capital Investment / Paid-up Capital :	Rs.27.500 millions
CIN No.: [Company Identification No.]	U74999DL2012FTC245627
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing Financial Consultancy and Investment Advisory Services.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 74000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of a foreign registered company having moderate track. Management has failed to file the latest financials of FY 14, with the statutory authorities. Mr. Rahul, the concerned person denied to provide any information of the company to us. As per available of FY 13, the company has not commenced its commercial operations. However, business is active. Payment terms are unknown. In view of strong parentage and affiliations, the company can be considered for business dealings with caution, but it is advised to continuously monitor the business development due to lack of latest financial statements.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Rahul
Contact No.:	91-11-49414941
Date :	20.01.2015

LOCATIONS

Registered Office :	1309, Pragati Tower, 26, Rajendra Place, New Delhi – 110 008, India
Tel. No. :	91- 11-49414941
Fax No. :	Not Available
E-Mail :	devere@deveregroup.com info@lawforteindia.com
Website :	www.devere-group.com
Head Office :	Equinox Business Park, Tower 3, Ground Floor, Off BKC, LBS Marg, Kurla (West), Mumbai – 400 070, Maharashtra, India
Corporate Office :	3^rd Floor, 9A Building, DLF Cyber City, DLF Phase III, Gurgaon – 122 002, Haryana, India
Branch Office :	Located at: · Mumbai · Bangalore · Chandigarh · Hyderabad · Ahmadabad etc.

DIRECTORS

AS ON 23.09.2013

Name :	Mr. Steven Michael Rigby
Designation :	Director
Address :	Villa 1, East 12, Abu Dhabi, 6315 UAE
Date of Birth/Age :	19.08.1963
Date of Appointment :	04.12.2012
DIN No. :	06363363
Name :	Mr. Nigel James Green
Designation :	Director
Address :	APT 1394, Portomaso, St. Julians, STJ4013, Malta
Date of Birth/Age :	19.06.1959
Date of Appointment :	04.12.2012
DIN No. :	05344795

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2013

Names of Shareholders	No. of Shares
Devere Group Limited GmbH, Switzerland	2756469
Steven Michael Rigby (as a nominee of deVere Group Limited GmbH, Switzerland)	1
Total	2756470

AS ON 23.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing Financial Consultancy and Investment Advisory Services.
Products/ Services :	Investment Advisory and Consultancy Services Financial Advisory and Consultancy Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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	Axis Bank Limited
Branch Address
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

Banking Relations :	--
Auditors :
Name :	Singh Chhabra and Company Chartered Accountants
Address :	306, Sachdeva Corporate Tower, Karkardooma Community Centre, Delhi – 110 092, India
Tel. No. :	91-11-43632552
E-Mail :	singhchhabraco@gmail.com info@singhchhabra.com
Website :	www.singhchhabra.com
PAN No.:	AAYFS5120M
Legal Advisors :	LAWFORTE Solicitors and Attorneys –at- law
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Devere Group Limited GmbH, Switzerland
Mother Company :	Devere Group Limited, UAE

CAPITAL STRUCTURE

AS ON 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2756470	Equity Shares	Rs.10/- each	Rs.27.565 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2750000	Equity Shares	Rs.10/- each	Rs.27.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	27.500
(b) Reserves & Surplus	(1.635)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	25.865
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	(0.334)
(c) Other long term liabilities	0.000
(d) Long-term provisions	0.000
Total Non-current Liabilities (3)	(0.334)
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1.349
(c) Other current liabilities	2.807
(d) Short-term provisions	0.000
Total Current Liabilities (4)	4.156
TOTAL	29.687
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	27.500
(e) Other Non-current assets	0.000
Total Non-Current Assets	27.500
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	2.187
(e) Short-term loans and advances	0.000
(f) Other current assets	0.000
Total Current Assets	2.187
TOTAL	29.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		TOTAL	1.968
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(1.968)
Less	FINANCIAL EXPENSES		0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.968)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000
	PROFIT/ (LOSS) BEFORE TAX		(1.968)
Less	TAX		(0.333)
	PROFIT/ (LOSS) AFTER TAX		(1.635)
	Earnings / (Loss) Per Share (Rs.)		(1.78)

KEY RATIOS

PARTICULARS		31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(6.63)
Return on Investment (ROI) (PBT/Networth)		(0.08)
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		0.53

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last 4 months	Yes
12]	Profitability for last 4 months	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	No
18]	Major customers	No
19]	Payments terms	No
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	No
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	No
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

PERFORMANCE AND PROSPECTS FOR CURRENT YEAR

They had just incorporated their Company and this is their first Financial Year and that too not complete full year of operations. They are in the process of establishing their business in India and have not earned any income this year. But they are hopeful to make their presence felt in Indian market in ensuing year. They have already set up their Corporate Office in Gurgaon and also plan to invest in human capital by hiring good and efficient people. They are hopeful of generating revenue in coming year.

LOCATIONS

The Company wants to scale up its presence in the country and wants to cover different locations across the country by establishing its own offices in other cities like Mumbai, Bangalore, Chandigarh, Hyderabad, Ahmadabad etc. The wider footprints will help us to shore up the revenue potentials and serve clients efficiently.

INDEX OF CHARGES

No Charges Exist for Company.

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 records 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.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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 & 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.