MIRA INFORM REPORT

Report No. :	504190
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	KPS SPECIAL SITUATIONS FUND III (SUPPLEMENTAL - FEEDER) LTD.
Registered Office :	George Town 190 Elgin Avenue, George Town, Grand Cayman KY1-9005 Cayman Islands (Registered Agent)
Country :	Cayman Islands
Date of Incorporation :	2009
Com. Reg. No.:	CIK#: 0001467568
Legal Form :	Limited Partnership
Line of Business :	Subject is an International Business Company incorporated in Cayman Islands for tax purposes.
No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	International Business Company
Payment Behaviour :	Unknown
Litigation :	Clear

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Cayman Islands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

CAYMAN ISLANDS - ECONOMIC OVERVIEW

With no direct taxation, the islands are a thriving offshore financial center. More than 65,000 companies were registered in the Cayman Islands as of 2017, including more than 280 banks, 700 insurers, and 10,500 mutual funds. A stock exchange was opened in 1997. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable to that of Switzerland.

Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 2.1 million in 2016, with more than three-quarters from the US.

Source : CIA

Location Facts
Government	Parliamentary dependency under constitutional monarchy
Currency	Cayman Islands dollar (KYD)
EconomicRisk	-

Statutory Information
Legal Name	KPS SPECIAL SITUATIONS FUND III (SUPPLEMENTAL - FEEDER), LTD.
Trade Name	KPS SPECIAL SITUATIONS FUND III (SUPPLEMENTAL) L P
ID	Reg. Number (see ID Details)
ID Details	CIK#: 0001467568
Creation Date	2009
Incorporation Date	2009
Legal Address	George Town 190 Elgin Avenue, George Town, Grand Cayman KY1-9005 Cayman Islands (Registered Agent)
Operative Address	George Town 190 Elgin Avenue, George Town, Grand Cayman KY1-9005 Cayman Islands (Registered Agent)
Telephone	+13459433100 (Registered Agent) +13458151475 (Registered Agent)
Fax	+13459454757 (Registered Agent)
Legal Form	Limited Partnership
E-Mail	cayman@intertrustgroup.com (Registered Agent)
Registered In	Cayman Islands
Website	www.intertrustgroup.com (Registered Agent)
Contact	Intertrust Corporate Services (Cayman) Limited, Registered Agent
Staff	0 / The company does not have any employee in Cayman Islands
Activity	IBC

Banks
Name of Bank	Reported Amount
There are not informed banks
Description	The company does not make its banking data public.

History
History	The company was founded in 2009.
Key Developments	NA
Parent Company	NA

Principal Activity

General Description

KPS Special Situations Fund III (Supplemental) L P is an International Business Company incorporated in Cayman Islands for tax purposes.

The company may conduct international trade, investment activities, as a special purpose entity, by professionals and for asset protection.

It may be involved in buying and selling goods and services, hold bank accounts and operate businesses.
It is not registered in Cayman Islands as being a local business company.

It is not listed with the Cayman Islands commercial pages.

Service/Product Description

NA

Sales

NA

Operations Area

International

Imports From

No import

Export To

No export records

Employees

0 / The company does not have any employee in Cayman Islands

Payments With Suppliers

Unknown

BRANDS
Brand	Comments
There are not informed brands

CLIENTS
Name of Client	Country	Comments
There are not informed clients

Comments

The company´s main clients include international companies.

SUPPLIERS
Supplier Name	Country	Comments
There are not infomed suppliers

Location
Headquarters	George Town 190 Elgin Avenue, George Town, Grand Cayman KY1-9005 Cayman Islands (Registered Agent)
Branches	No branches found

Group Structure and Subdiary Companies
Listed at the stock exchange	NO
Capital	NA
Shareholders (%)	This is a private company. The company does not disclose information on shareholders. We could not confirm major holders.
Management	Intertrust Corporate Services (Cayman) Limited, Registered Agent
Subsidiary Companies	NA
Related Companies	KPS Capital Partners, LP KPS Capital Partners, LP is a private equity firm specializing in investments in special situations which includes turnarounds, financial restructurings, businesses in bankruptcies, follow on acquisitions, employee buyouts, failed acquisitions, corporate divestitures, carve-outs, and spin-offs of middle market companies. In case of turnarounds, the firm seeks to invest in of underperforming or distressed businesses. It targets business facing closure, liquidation, and with a history of operating losses. In case of business in bankruptcies, it seeks to invest in, fund reorganizations of, and create new companies to purchase operating assets of, companies facing bankruptcy or asset sale under Section 363. The firm targets businesses burdened with, insufficient liquidity; excessive debt; operating in default of obligations to creditors; or lacking capital for investment, modernization, or growth, in order to eliminate, reduce or restructure the company's liabilities. The firm also seeks to invest in operating businesses, including divisions, subsidiaries or individual plants of larger companies capable of operating as stand-alone companies. It also provides exit financing to banks and other creditors, secured or unsecured loans in connection with obtaining control pursuant to a purchase transaction, and considers extending Debtor-In-Possession (DIP) financing. The firm does not invest high technology, financial services, telecommunications, broadcast media, real estate, and natural resources (exploration) sectors and start- up ventures or re-starts. It prefers to invest in companies operating in the manufacturing focuses include: metals automotive, paper, packaging, building materials, construction equipment, luxury and consumer products; transportation; industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing; and service industries and industries that are out of favor, having low-growth, cyclical, contracting, or burdened with over-capacity. The firm primarily invests in companies based in the United States, North America, Canada and Western Europe and Germany. It prefers to invest between $100 million and $500 million per transaction in companies having revenues of at least $250 million. The firm seeks to invest in transaction sizes up to $1 billion. It sponsors larger transactions by co-investing. The firm’s investments are structured in the form of common stock or securities that are convertible into common stock, including preferred stock debentures. The firm prefers to be a control investor or majority investments and takes a board seat in its portfolio companies. KPS Capital Partners, LP was founded in 1991 and is based in New York, New York with an additional office in Frankfurt, Germany. ADDRESS: 485 Lexington Avenue 31st Floor New York, NY 10017 United States FOUNDED IN: 1991 PHONE: 212-338-5100 FAX: 646-307-7100 WEBSITE: www.kpsfund.com EMAIL: dgray@kpsfund.com MANAGEMENT: Eugene J. Keilin, Co-Founder Emeritus Michael George Psaros, Co-Founder & Managing Partner David P. Shapiro, Co-Founder & Managing Partner Bhumika Shah, Chief Financial Officer Raquel Vargas Palmer, Partner EMPLOYEES: 7,789 SALES (MIL USD): 2,232.38 KPS Special Situations Fund III, L.P. KPS Special Situations Fund III, L.P. specializes in investments in turnarounds, middle market, buyouts, bankruptcies, and other special situations. The fund typically invests in manufacturing, transportation, and service sectors. It invests in companies based in the United States and Canada and Western Europe. It prefers to take controlling and majority stake in its portfolio companies. ADDRESS: 485 Lexington Avenue 31st Floor New York, NY 10017 United States FOUNDED IN: 2007 PHONE: 212-338-5100 FAX: 646-307-7100 WEBSITE: www.kpsfund.com CONTACT/MANAGEMENT: Michael Psaros, Director David Shapiro, DIrector INDUSTRY GROUP: Pooled Investment Fund Other Investment Fund

Financial Information
General Description	The company does not make its financial statements public. Despite our long search, we could not confirm financial figures for the subject.

Legal Filings
Lawsuits	No records found

Summary

Summary

KPS Special Situations Fund III (Supplemental) L P is an International Business Company incorporated in Cayman Islands for tax purposes. The company may conduct international trade, investment activities, as a special purpose entity, by professionals and for asset protection. It may be involved in buying and selling goods and services, hold bank accounts and operate businesses. It is not registered in Cayman Islands as being a local business company. It is not listed with the Cayman Islands commercial pages.

Risk Information
Debts	Controlled
Payments	Unknown
Cash Flow	Normal
State	ACTIVE

Interview
First Name	Katy
Position	Operator
Comments	First, we tried to contact Intertrust Corporate Services (Cayman) Limited, the company´s registered agent, but we could not find the person capable of providing details of KPS Investors III (AIV) Ltd. However, we called to KPS Capital Partners, LP and the operator, Katy, refused to provide information about the company through the phone, explaining that she was not allowed to do so.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.70
UK Pound	1	INR 93.14
Euro	1	INR 81.43
KYD	1	INR 80.05

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.