MIRA INFORM REPORT

Report No. :	330894
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	GRAPP ENERGIES PRIVATE LIMITED
Registered Office :	395, Vinay Bhawan, New Shanti Nagar, Raipur – 492001, Chhattisgarh
Tel. No.:	91-771-4060169
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.2012
Com. Reg. No.:	10-000267
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U74999CT2012PTC000267
TAN No.: [Tax Deduction & Collection Account No.]	JBPG04059G
PAN No.: [Permanent Account No.]	AAFCG0334D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject provides Turnkey Solutions in Renewable Energy and Energy Management.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company is under pressure. Company has incurred huge loss during FY 2014 which has eroded net worth of the company, leading to its weak financial risk profile. However as claimed by Mr. Nitesh Agrawal (Accounts and Finance Head), the subject has achieved sales turnover of Rs. 100.000 Million during FY 2014-2015, which is not verified. Trade relations are fair. Business is active. Payment terms are reported to be slow. Subject 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nitesh Agrawal
Designation :	Accounts and Finance Head
Contact No.:	91-7042897910
Date :	08.07.2015

LOCATIONS

Registered Office :	395, Vinay Bhawan, New Shanti Nagar, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4060169
Mobile No.:	91-7042897910 (Mr. Nitesh Agrawal)
Fax No.:	91-771-4060169
E-Mail :	rajeev.sood@gmail.com info@grappenergies.in
Website :	www.grappenergies.in
Location:	Rented
Locality :	Residential
Corporate Office :	617 to 619 B, Unitech Arcadia, South City II, Sector-50, Gurgaon – 122002, Haryana, India
Tel. No.:	91-120-4236466
E-mail:	pm@grappenergies.in
Engineering and Operation Office :	No. 281, Fifth Main, Brindavan Extension, Arakere Mico Layout, Bannerghatta, Bangalore – 560076, Karnataka, India
E-mail:	pramod@grappenergies.in

DIRECTORS

AS ON 30.09.2014

Name :

Prathmesh Mairal

Designation :

Director

Address :

Sai Villa, 836 E, Kargil Chowk, C/O Bhupendra Sharma, Sunder Nagar, Raipur - 492001, Chhattisgarh, India

Date of Birth/Age :

10.06.1969

Date of Appointment :

28.09.2013

DIN No.:

02275284

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	U45207DL2008PLC180234	ALBINA POWER TRANSMISSION LIMITED	Director	25-09-2009	16-07-2008	20-04-2010	Active	NO
2	U45207DL2008PLC181698	ALBINA THERMAL POWER MANAGEMENT LIMITED	Director	25-09-2009	05-08-2008	20-04-2010	Active	NO
3	U45207DL2008PLC181701	SENTIA ELECTRICITY GENERATION LIMITED	Director	25-09-2009	05-08-2008	20-04-2010	Active	NO
4	U45207DL2008PLC181706	SENTIA ELECTRIC LIMITED	Director	25-09-2009	05-08-2008	20-04-2010	Active	NO
5	U45207DL2008PLC181769	DEVONA THERMAL POWER PROJECTS LIMITED	Director	25-09-2009	06-08-2008	20-04-2010	Active	NO
6	U40300DL2008PLC181793	ALBINA THERMAL PROJECTS LIMITED	Director	25-09-2009	07-08-2008	20-04-2010	Active	NO
7	U45207DL2008PLC180235	ALBINA POWERGEN LIMITED	Director	29-09-2009	20-08-2008	20-04-2010	Active	NO
8	U40101DL2007PLC171067	THARANG WARANG HYDROPOWER PROJECTS LIMITED	Additional director	25-02-2010	25-02-2010	20-04-2010	Active	NO
9	U45400DL2007PLC167739	DEVONA POWER LIMITED	Additional director	25-02-2010	25-02-2010	20-04-2010	Active	NO
10	U40109DL2007PLC171033	SEPLA HYDROPOWER PROJECTS LIMITED	Director	25-02-2010	25-02-2010	20-04-2010	Active	NO
11	U45400DL2007PLC167613	CHLORIS PROPERTIES LIMITED	Director	25-02-2010	25-02-2010	20-04-2010	Active	NO
12	U40109DL2007PLC171035	PAPU HYDROPOWER PROJECTS LIMITED	Director	25-02-2010	25-02-2010	20-04-2010	Active	NO
13	U40109DL2007PLC171032	PACHI HYDROPOWER PROJECTS LIMITED	Director	25-02-2010	25-02-2010	20-04-2010	Active	NO
14	U40101DL2007PLC171066	KAYA HYDROPOWER PROJECTS LIMITED	Director	25-02-2010	25-02-2010	20-04-2010	Active	NO
15	U74999CT2012PTC000267	GRAPP ENERGIES PRIVATE LIMITED	Director	28-09-2013	30-04-2013	-	Active	NO
16	U40108CT2013PTC001201	GRAPP ENERGY VENTURES PRIVATE LIMITED	Director	24-12-2013	24-12-2013	-	Active	NO
17	U72900MH2009PTC194041	SCM INFO SYSTEMS PRIVATE LIMITED	Additional director	21-04-2014	21-04-2014	-	Active	NO
18	U40106GJ2014PTC079088	SOLARGISE GRAPP ENERGIES PRIVATE LIMITED	Managing director	01-08-2014	01-05-2014	-	Active	NO
19	U74140HR2014PTC054046	Grapp Renewables Private Limited	Director	19-12-2014	19-12-2014	-	Active	NO

Name :

Rajeev Sood

Designation :

Director

Address :

155, Fine Avenue Kolar Road, Bhopal - 462042, Madhya Pradesh, India

Date of Birth/Age :

05.08.1969

Date of Appointment :

30.03.2012

DIN No.:

05126225

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	U74900CT2011PTC022358	GREEN RIPPLES PRIVATE LIMITED	Director	11-10-2013	12-12-2011	11-08-2014	Active	NO
2	U74999CT2012PTC000267	GRAPP ENERGIES PRIVATE LIMITED	Director	30-03-2012	30-03-2012	-	Active	NO
3	U40108CT2013PTC001201	GRAPP ENERGY VENTURES PRIVATE LIMITED	Director	24-12-2013	24-12-2013	-	Active	NO
4	U40106CT2014PTC001281	MAARUTHI GRAPP SOLAR PARKS PRIVATE LIMITED	Director	12-02-2014	12-02-2014	-	Active	NO
5	U72900MH2009PTC194041	SCM INFO SYSTEMS PRIVATE LIMITED	Additional director	21-04-2014	21-04-2014	-	Active	NO
6	U40106GJ2014PTC079088	SOLARGISE GRAPP ENERGIES PRIVATE LIMITED	Whole-time director	01-08-2014	01-08-2014	-	Active	NO
7	U74140HR2014PTC054046	GRAPP RENEWABLES PRIVATE LIMITED	Director	19-12-2014	19-12-2014	-	Active	NO

Name :

Rajdeep Basu

Designation :

Director

Address :

96 Chamberlayne Avenue, Middlesex HA9 8SS, Middlesex, 111111, United Kingdom

Date of Birth/Age :

12.02.1970

Date of Appointment :

30.09.2014

DIN No.:

02622359

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	Company/ LLP Status	Defaulting status
1	U40106PB2009PTC033364	SOLARGISE POWER INDIA PRIVATE LIMITED	Additional director	18-12-2009	18-12-2009	Active	NO
2	U40106GJ2011PTC063679	SABARMATI SOLAR PRIVATE LIMITED	Director	15-01-2011	15-01-2011	Active	NO
3	U45209GJ2011PTC064128	SOLARGISE SEZ PRIVATE LIMITED	Director	21-02-2011	21-02-2011	Active	NO
4	U40106GJ2014PTC079088	SOLARGISE GRAPP ENERGIES PRIVATE LIMITED	Whole-time director	01-08-2014	11-03-2014	Active	NO
5	U40106GJ2014PTC079429	SOLARGISE GRAPP INFRA PRIVATE LIMITED	Director	28-03-2014	28-03-2014	Active	NO
6	U40300GJ2014PTC079416	CAPEQ SOLAR POWER PRIVATE LIMITED	Director	28-03-2014	28-03-2014	Active	NO
7	U74999CT2012PTC000267	GRAPP ENERGIES PRIVATE LIMITED	Director	30-09-2014	11-08-2014	Active	NO
8	U74900CT2011PTC022358	GREEN RIPPLES PRIVATE LIMITED	Director	30-09-2014	11-08-2014	Active	NO
9	U74999DL2014PTC272191	SOLARGISE INDIA PRIVATE LIMITED	Director	30-09-2014	30-09-2014	Active	NO
10	U40106DL2014PTC272490	SOLARGISE PHOTOVOLTAICS PRIVATE LIMITED	Director	14-10-2014	14-10-2014	Active	NO
11	U40300DL2014PTC274281	SOLAR SKY POWER PRIVATE LIMITED	Director	18-12-2014	18-12-2014	Active	NO
12	U40300DL2015PTC275542	SOLARGISE ENERGY ONE PRIVATE LIMITED	Director	15-01-2015	15-01-2015	Active	NO
13	U74900DL2015NPL275491	SOLARGISE FOUNDATION	Director	15-01-2015	15-01-2015	Active	NO
14	U40106DL2015PTC276341	SOLARGISE ENERGY FIVE PRIVATE LIMITED	Director	04-02-2015	04-02-2015	Active	NO
15	U40106DL2015PTC276340	SOLARGISE ENERGY THREE PRIVATE LIMITED	Director	04-02-2015	04-02-2015	Active	NO
16	U40109DL2015PTC276339	SOLARGISE ENERGY TWO PRIVATE LIMITED	Director	04-02-2015	04-02-2015	Active	NO
17	U40109DL2015PTC276338	SOLARGISE ENERGY FOUR PRIVATE LIMITED	Director	04-02-2015	04-02-2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitesh Agrawal
Designation :	Accounts and Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Vinay Gopalan	10600	21.20
Rajeev Sood	10600	21.20
Prathmesh Mairal	9600	19.20
Pramod P Rao	9600	19.20
Sanjay Khandelwal	9600	19.20
Total	50000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	40.40
Other top fifty shareholders	59.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject provides Turnkey Solutions in Renewable Energy and Energy Management.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

35 (Approximately)

Bankers :

Bank Name:	Dena Bank
Branch:	Awanti Vihar, Raipur, Chhattisgarh, India
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
From Banks Cash credit limit from Dena Bank Raipur against Hypothecation of Book Debts, Stock and personal guarantee of Directors.	0.999	0.000
Total	0.999	0.000

Banking Relations :	--
Auditors :
Name :	Joglekar Maitra and Company Chartered Accountants
Address :	Mig-D-18, Shailendra Nagar, Raipur – 492001, Chattisgarh, India
Income-tax PAN of auditor or auditor's firm :	AABFJ7934R
Memberships :	--
Collaborators :	--
Subsidiary Company :	Green Ripples Private Limited CIN No.: U74900CT2011PTC022358

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.100
(b) Reserves & Surplus	(7.923)	0.686
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(7.423)	0.786
(3) Non-Current Liabilities
(a) Long-term borrowings	7.591	0.000
(b) Deferred tax liabilities (Net)	0.019	0.001
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.610	0.001
(4) Current Liabilities
(a) Short term borrowings	2.119	0.000
(b) Trade payables	1.604	0.709
(c) Other current liabilities	0.661	0.508
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	4.384	1.217
TOTAL	4.571	2.004
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.351	0.040
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.120	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.614	0.010
(e) Other Non-current assets	0.012	0.016
Total Non-Current Assets	2.097	0.066
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	1.445	1.440
(d) Cash and cash equivalents	0.454	0.444
(e) Short-term loans and advances	0.561	0.054
(f) Other current assets	0.014	0.000
Total Current Assets	2.474	1.938
TOTAL	4.571	2.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1.000	3.314
		Other Income	0.001	0.000
		TOTAL (A)	1.001	3.314
Less	EXPENSES
		Purchases of Stock-in-Trade	0.002	0.000
		Employees benefits expense	1.523	0.599
		Other expenses	8.002	1.723
		TOTAL (B)	9.527	2.322
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(8.526)	0.992
Less	FINANCIAL EXPENSES (D)		0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(8.526)	0.992
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.064	0.000
	PROFIT BEFORE TAX (E-F) (G)		(8.590)	0.992
Less	TAX (H)		0.000	0.306
	PROFIT AFTER TAX (G-H) (I)		(8.590)	0.686
	Earnings Per Share (Rs.)		(172.17)	68.56

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Nitesh Agrawal (Accounts and Finance Head).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash Generated from Operations	NA	NA
Net Cash Flow from used in Operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(859.00)	20.70
Operating Profit Margin (PBDIT/Sales)	(%)	(852.60)	29.93
Return on Total Assets (PBT/Total Assets}	(%)	(248.91)	49.50
Return on Investment (ROI) (PBT/Networth)		1.16	1.26
Debt Equity Ratio (Total Liability/Networth)		(1.31)	0.00
Current Ratio (Current Asset/Current Liability)		0.56	1.59

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.500
Reserves & Surplus	0.686	(7.923)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	0.786	(7.423)
Long-term borrowings	0.000	7.591
Short term borrowings	0.000	2.119
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000
Total borrowings	0.000	9.710
Debt/Equity ratio	0.000	(1.308)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	3.314	1.000
		-69.825

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	3.314	1.000
Profit	0.686	(8.590)
	20.70%	(859.00%)

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	Yes
21	Banking facility details	Yes
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 two 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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10495585	12/04/2014	1,500,000.00	DENA BANK	DENA BANK, AWANTI VIHAR ROAD, RAIPUR, CHHATTISGARH - 492006, INDIA	C03006418

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Shareholders and Others Unsecured Loans	7.591	0.000
SHORT TERM BORROWINGS
From Others	1.120	0.000
Total	8.711	0.000

REVIEW OF OPERATION

The promoters of the company have entered into a Joint Venture with Solargise India Limited on 09.05.2014. The board expects the better performance in near future.

FIXED ASSETS:

· Furniture and Fixtures

· Black Berry

· Laptop

· Modem

· Printer

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. 63.57
UK Pound	1	Rs. 98.22
Euro	1	Rs. 69.93

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SAN
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.