MIRA INFORM REPORT

Report No. :	331101
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	AIG ANALYTICS AND SERVICES PRIVATE LIMITED w.e.f.25.03.2015

Formerly Known As :	CHARTIS INSURANCE SERVICES PRIVATE LIMITED

Registered Office :	5^th Floor, Crescent 4, Prestige Shantiniketan Whitefield, Bangalore – 560048, Karnataka
Tel. No.:	91-80-61767000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	27.10.2009

Com. Reg. No.:	08-076432

Capital Investment / Paid-up Capital :	Rs.270.100 Million

CIN No.: [Company Identification No.]	U74990KA2009PTC076432

TAN No.: [Tax Deduction & Collection Account No.]	BLRA20893F

PAN No.: [Permanent Account No.]	AADCC8508P

Legal Form :	Private Limited Liability Company

Line of Business :	Providing Consultancy Services.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1100000

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 2009. However as per the directors report, commercial operations commenced in 2013. Company has achieved better sales turnover whereas has reported a loss from its operations during financial year 2013-2014. Trade relations are improving. Business is active. Payment terms are reported to be slow but correct. 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

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	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 31-03-2013.

INFORMATION DECLINED

Name :	Mr. Ajay Kukraja
Designation :	Account Executive
Contact No.:	91-80-61767000
Date :	08.07.2015

LOCATIONS

Registered Office :	5^th Floor, Crescent 4, Prestige Shantiniketan Whitefield, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-61767000
E-Mail :	alexander.john@aig.com

DIRECTORS

As on 23.12.2014

Name :

Mr. Alexander John Pandalavilakam

Designation :

Managing Director

Address :

21036, Prestige Shantiniketan, ITPL Main Road, Whitefield, Mahadevpura Post, Bangalore – 560048, Karnataka, India

Date of Birth/Age :

04.02.1973

Date of Appointment :

18.03.2015

DIN No.:

02137753

Name :

Mr. Guruprasad Nidamboor Rao

Designation :

Director

Address :

11640, Cinema Drive, Plainfield IL, USA

Date of Birth/Age :

20.03.1966

Date of Appointment :

21.08.2013

DIN No.:

01934785

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	U74140DL2006PTC249845	Aon Specialist Services Private Limited	Director	19/09/2006	19/09/2006	08/06/2010	Active	NO
2	U74990KA2009PTC076432	AIG ANALYTICS & SERVICES PRIVATE LIMITED	Director	21/08/2013	02/02/2013	-	Active	NO

Name :

Mr. Robert Paul Klepper

Designation :

Director

Address :

1239, Cane Creek Road, Fletcher, North Carolina, USA

Date of Birth/Age :

06.11.1963

Date of Appointment :

21.08.2013

DIN No.:

06457739

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	U74990KA2009PTC076432	AIG ANALYTICS & SERVICES PRIVATE LIMITED	Director	21/08/2013	02/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Kukraja
Designation :	Account Executive

Name :	Ms. Veena Kanan
Designation :	Company Secretary

MAJOR SHAREHOLDERS

As on 23.12.2014

Names of Shareholders	No. of Shares
AIG PC Global Services INC, New York	42520947
AIG MEA Investments and Services INC, New York	1
Total	42520948

As on 23.12.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Consultancy Services.

Products :	Not Available

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 the management

Bankers :

Bank Name	Not Divulged
Branch	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 :	Price Warehouse and Company Chartered Accountants
Address :	5^th Follr, Tower D, The Millenia, 1 and 2, Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, Inida
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C

Memberships :	Not Available

Collaborators :	Not Available

Holding Company:	AIG PC Global Services, Inc, USA (formerly known as Chartis Global Services Inc.) AIG Inc, USA

Fellow Subsidiary:	AIG Asia Pacific Insurance Pte Limited, Singapore AIG Chile Companiade Seguros Generales SA, Chile AIG Europe Limited, Belgium AIG Europe Limited, Netherland AIG Europe Limited, Austria AIG Europe Limited, Bulgaria AIG Europe Limited, Denmark AIG Europe Limited, Greece AIG Europe Limited, Ireland AIG Europe Limited, Luxembourg AIG Europe Limited, Norway AIG Europe Limited, Portugal AIG Europe Limited, Slovakia AIG Europe Limited, Sweden AIG Europe Limited, United Kingdom AIG INC, United States AIG Insurance Hong Kong Limited, Hong Kong AIG Kuwait Limited, Kuwait AIG MEMSA NC.Dubai, United Arab Emirates AIG PC Global Services, Inc; USA(formerly known as Chartis Global Services Inc.) United States AIG Seguros Brasil S.A, Brazil AIG Seguros Mexico, SA de CV, Mexico AIG Seguros, El Salvador SA, EL Salvador AIG Taiwan Insurance Company Limited, Taiwan, Province Of China AIG Uganda Insurance Company Limited, Uganda AIG Insurance Limited, Sri Lanka AIU Insurance Company Limited, Japan American Home Aruba, Aruba American Home Honduras, Honduras Chartis Europe SA, Georgia Chartis Jamaica Insurance Company Limited, Jamaica Chartis MEMSA Ins Company Limited, Oman Chartis Memsa Ins Limited, Oman Chartis Seguros Uruguay S.A., Uruguay Chartis Taiwan Insurance Company L, Taiwan, Province of China Commercial Property Engineerin, Taiwan,Province of China Nat'l Union Panama, Panama New Hampshire Insurance Company, Guam New Hampshire Thailand, Thailand The Fuji Fire & Marine Insurance Company Limited, Fiji

CAPITAL STRUCTURE

As on 23.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

82500000	Equity Shares	Rs.10/- each	Rs.825.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

42520948	Equity Shares	Rs.10/- each	Rs.425.209 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

82500000	Equity Shares	Rs.10/- each	Rs.825.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

27010000	Equity Shares	Rs.10/- each	Rs.270.100 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	270.100	0.100	0.100
(b) Reserves & Surplus	(46.831)	(0.156)	0.000
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	155.109	0.000	0.000
Total Shareholders’ Funds (1) + (2)	378.378	(0.056)	0.100

(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	1.300	0.000	0.085
(d) long-term provisions	2.781	0.000	0.000
Total Non-current Liabilities (3)	4.081	0.000	0.085

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	20.521	0.056	0.020
(c) Other current liabilities	38.508	0.000	0.000
(d) Short-term provisions	13.543	0.000	0.000
Total Current Liabilities (4)	72.572	0.056	0.020

TOTAL	455.031	0.000	0.205

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	113.516	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(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)	3.681	0.000	0.000
(d) Long-term Loan and Advances	37.317	0.000	0.000
(e) Other Non-current assets	10.000	0.000	0.153
Total Non-Current Assets	164.514	0.000	0.153

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	57.651	0.000	0.000
(d) Cash and cash equivalents	150.648	0.000	0.052
(e) Short-term loans and advances	9.019	0.000	0.000
(f) Other current assets	73.199	0.000	0.000
Total Current Assets	290.517	0.000	0.052

TOTAL	455.031	0.000	0.205

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013
SALES
Income	232.464
Other Income	0.245	0.070
TOTAL	232.709	0.070

EXPENSES
TOTAL	266.765	0.226

PROFIT/ (LOSS) BEFORE TAX	(34.056)	(0.156)

TAX	15.218	0.000

PROFIT/ (LOSS) AFTER TAX	(49.274)	(0.156)

EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	232.463	NA
TOTAL EARNINGS	232.463	NA

Earnings / (Loss) Per Share (Rs.)	(1.82)	(0.00)

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
Net cash flow from operating activity	(34.056)	(0.156)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(21.20)	NA	NA

Operating Profit Margin (PBIDT/Sales)	(%)	(14.65)	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	(7.55)	NA	0.00

Return on Investment (ROI) (PBT/Networth)		(0.09)	2.79	0.00

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

Current Ratio (Current Asset/Current Liability)		4.00	0.00	2.60

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	0.100	0.100	270.100
Reserves & Surplus	0.000	(0.156)	(46.831)
Net worth	0.100	(0.056)	378.378
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

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 two 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

OPERATIONS AND FUTURE OUTLOOK:

The total revenue from operations during the year is Rs. 232.464 Million. The company was incorporated in the year 2009, however, operations commenced in 2013. Considering that the company was following a cost-plus business model, the costs incurred for setting up operations during the period until September 2013 could not be marked up, hence the loss incurred. The growth prospects of the Company appear bright and your Directors are confident that the Company will continue to grow at a steady pace in the coming years.

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

Furniture and fixtures
Office equipment
Office equipment
Computer equipments
Other equipments

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 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.63.50
UK Pound	1	Rs.97.85
Euro	1	Rs.70.49

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SAN

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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

INDEX OF CHARGES

Unit