MIRA INFORM REPORT

Report No. :	506140
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	AAHAA STORES PRIVATE LIMITED
Registered Office :	Grand Trust Center, No.173, Habibullah Road, T. Nagar Chennai – 600017, Tamilnadu
Tel. No.:	91-44-45522422
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	04.03.2013
Com. Reg. No.:	18- 089899
Capital Investment / Paid-up Capital :	INR 60.962 Million
CIN No.: [Company Identification No.]	U51900TN2013PTC089899
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	33AALCA4271H1ZR
TIN No.:	33280864644
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AALCA4271H
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale trade service of Stationery, books and newspapers. [Registered activity] Service provider of E-Commerce and also trader and supplier of product like stationery, pre-printed, housekeeping product etc. [Confirmed by management]
No. of Employees :	100 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 19000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2013 and it is having moderate tack. For the financial year 2017, the company has witnessed growth in its revenue from operations as compared to previous year but reported losses. Rating takes into consideration moderate financial risk profile of the company marked by negative reserve position and low liquidity profile. Further, rating is constrained on account of continuously incurring nature of losses which can be steep to erosion of its networth and intensely competitive nature of the industry. Business is active. Payments are seems to be slow but correct. In view of the aforesaid, the company can be considered for business dealings with some cautions.

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)
India	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

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 30.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Ms. Priti
Designation :	Accountant
Contact No.:	91-44-45522422
Date :	28.04.2018

LOCATIONS

Registered Office :	Grand Trust Center, No.173, Habibullah Road, T. Nagar Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-45522422
Mobile No.:	91-9841308567 (Ms. Bindu)
Fax No.:	Not Available
E-Mail :	compliance@aahaastores.com
Website :	https://aahaa.in
Location :	Owned
Locality :	Commercial
Warehouse :	1st Floor, No.8-11, VOC Nagar, 1st main street, Kodambakkam, Chennai – 600024, Tamilnadu, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Asokan Sattanathan

Designation :

Managing Director

Address :

A1/1202, The World SPA East, Sector 30/41, Gurugram – 122001, Haryana, India

Date of Birth/Age :

07.01.1958

Qualification:

Graduate

Date of Appointment :

28.03.2018

DIN No.:

00078272

PAN No.:

AOVPS2783K

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900DL2013PTC247951	BETA SOLUTIONS PRIVATE LIMITED	06/02/2013	-

Name :

Mrs. Chitra Asokan

Designation :

Director

Address :

A1/1202, The World SPA East, Sector 30/41, Gurugram – 122001, Haryana, India

Date of Birth/Age :

29.03.1964

Qualification:

Graduate

Date of Appointment :

04.03.2013

DIN No.:

06471983

PAN No.:

AHHPA0366P

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900DL2013PTC247951	BETA SOLUTIONS PRIVATE LIMITED	06/02/2013	-

Name :

Mr. Shri Harish Kannan

Designation :

Director

Address :

Door No 138, Sidarth Natura, Bhel Nagar, Plot No 40, Vadakkupattu Main Road, Meda Vakkam, Chennai - 600100, Tamilnadu, India

Date of Birth/Age :

24.06.1978

Qualification:

Graduate

Date of Appointment :

04.03.2013

DIN No.:

06481971

PAN No.:

ABSPH4457R

Name :

Mr. Sunil Kumar Goyal

Designation :

Nominee Director

Address :

Flat No. 902 Block-14 Heritage City, Mehrauli Gurgaon Road, Gurugram - 122002, Haryana, India

Date of Birth/Age :

19.01.1968

Qualification:

Graduate

Date of Appointment :

02.03.2016

DIN No.:

02312181

PAN No.:

AADPG6950G

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL2016PTC301627	STAY PRIME TECHNOLOGY SOLUTIONS PRIVATE LIMITED	18/06/2016	-
U72900KA2015PTC080475	BOTTLE LAB TECHNOLOGIES PRIVATE LIMITED	12/04/2016	-
U67200HR2011PTC042643	YOURNEST CAPITAL ADVISORS PRIVATE LIMITED	15/09/2011	-
U80302DL2010PTC203604	JUST4KIDS SERVICES PRIVATE LIMITED	02/06/2017	-
U74140DL2008PTC182279	GOLFLAN TECHNOLOGY SOLUTIONS PRIVATE LIMITED	27/02/2015	-
U74120DL2007PLC158956	CENTUM LEARNING LIMITED	10/08/2017	-
U74899DL1995PLC067527	BHARTI HEXACOM LIMITED	17/08/2015	-
U32204DL1982PLC179800	BEETEL TELETECH LIMITED	24/09/2009	-

KEY EXECUTIVES

Name :	Ms. Priti
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Equity Shareholders	No. of Shares
Asokan Sattanathan	1580000
Shri Harish Kannan	720000
Chitra Asokan	980000
Rajaraman Sundaresan	720000
Pranay Palepu	345000
Subramanian Ramanathan	86250
Ramanathan Subramanian	86250
Ajay Nambiar Velluva Puthiyaveettil	86250
YourNest Angel Fund (Trust)	100
Total	4603850

Names of Preference Shareholders	No. of Shares
YourNest Angel Fund (Trust)	746150
Total	746150

Equity Share Break up (Percentage of Total Equity)

AS ON 17.06.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	86.88380377
Public/Other than promoters- Individual/Hindu Undivided Family- Indian	13.11402413
Public/Other than promoters - Body corporate	0.0021721
Total	100.00

BUSINESS DETAILS

Line of Business :

• Wholesale trade service of Stationery, books and newspapers. [Registered activity]

• Service provider of E-Commerce and also trader and supplier of product like stationery, pre-printed, housekeeping product etc. [Confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Non-specialised wholesale trade	469

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Advance Payment, Credit and Others (NEFT / RTGS) (30 Days)

Purchasing :

Advance Payment, Credit and Others (NEFT / RTGS) (30 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

• Wipro

Reference :	Tech Mahindra
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Wholesalers, Retailers

Symantec

Reference :	Ashok Leyland
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

100 (Approximately)

Bankers :

Banker Name :	Axis Bank Limited
Branch :	No. 195, Habibullah Road, T Nagar, Chennai – 600017, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	18604195555 – toll free number – continuously ringing
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	S.K. Murthy and Associates Chartered Accountants
Address :	Ground Floor, Royal Castle 27 First Main Road, C I T Colony, Mylapore, Chennai, Tamilandu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS1582M
Memberships :	Not Available
Collaborators :	Not Available
Other related party :	YourNest Capital Advisors Private Limited Beta Solutions Private Limited

CAPITAL STRUCTURE

AFTER 17.06.2017

Authorised Capital : INR 95.523 Million

Issued Subscribed & Paid-up Capital : INR 76.346 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	INR 10/- each	INR 60.000 Million
850000	Preference Shares	INR 20/- each	INR 17.000 Million
	Total		INR 77.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4603850	Equity Shares	INR 10/- each	INR 46.039 Million
746150	Preference Shares	INR 20/- each	INR 14.923 Million
	Total		INR 60.962 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	60.962	51.062	33.750
(b) Reserves and Surplus	(54.461)	(33.131)	(26.084)
(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)	6.501	17.931	7.666
(3) Non-Current Liabilities
(a) long-term borrowings	0.676	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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.676	0.000	0.000
(4) Current Liabilities
(a) Short-term borrowings	20.000	0.000	0.000
(b) Trade payables	51.531	6.174	4.824
(c) Other current liabilities	0.329	0.072	0.000
(d) Short-term provisions	8.143	4.071	1.301
Total Current Liabilities (4)	80.003	10.317	6.125
TOTAL	87.180	28.248	13.791
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.730	0.703	0.792
(ii) Intangible Assets	0.326	0.036	0.038
(iii) Tangible assets capital work-in-progress	0.000	0.000	2.642
(iv) Intangible assets under development	10.256	3.570	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 loans and advances	1.766	1.174	0.825
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	14.078	5.483	4.297
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.868	3.686	0.988
(c) Trade receivables	57.745	11.627	7.332
(d) Cash and bank balances	1.847	0.918	0.548
(e) Short-term loans and advances	7.642	6.534	0.626
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	73.102	22.765	9.494
TOTAL	87.180	28.248	13.791

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	185.097	53.829	27.090
	Other Income	0.964	0.274	0.438
	TOTAL	186.061	54.103	27.528
Less	EXPENSES
	Purchases of Stock-in-Trade	154.131	49.433	23.879
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.182)	(2.698)	(0.890)
	Employee benefit expense	34.773	18.706	11.340
	Other expenses	39.276	14.271	8.377
	TOTAL	225.998	79.712	42.706
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(39.937)	(25.609)	(15.178)
Less	FINANCIAL EXPENSES	0.633	0.017	0.004
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(40.570)	(25.626)	(15.182)
Less/ Add	DEPRECIATION/ AMORTISATION	0.860	0.360	0.494
	PROFIT/ (LOSS) BEFORE TAX	(41.430)	(25.986)	(15.676)
Less	TAX	0.000	0.000	(0.054)
	PROFIT/ (LOSS) AFTER TAX	(41.430)	(25.986)	(15.622)
	Earnings / (Loss) Per Share (INR)	(7.74)	(5.47)	(3.29)

Particulars	31.03.2018
Sales Turnover (Approximately)	200.000

Expected Sales (2018-2019): INR 250.000 Million (Due to business growth)

The above information has been parted by Ms. Priti (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.282	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(40.716)	(34.840)	(17.671)
Net cash flows from (used in) operating activities	(40.716)	(34.840)	(17.671)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	113.87	78.84	98.79
Account Receivables Turnover (Income / Sundry Debtors)	3.21	4.63	3.69
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	122.03	45.59	73.74
Inventory Turnover (Operating Income / Inventories)	(6.81)	(6.95)	(15.36)
Asset Turnover (Operating Income / Net Fixed Assets)	(3.24)	(5.94)	(4.37)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.93	0.37	0.44
Debt Equity Ratio (Total Liability / Networth)	3.22	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	12.31	0.58	0.80
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.89	0.24	0.45
Interest Coverage Ratio (PBIT / Financial Charges)	(63.09)	(1506.41)	(3794.50)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(22.38)	(48.28)	(57.67)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(47.52)	(91.99)	(113.28)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(637.29)	(144.92)	(203.78)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.91	2.21	1.55
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.84	1.85	1.39
G-Score Ratio Financial (Networth / Total Assets)	0.07	0.63	0.56
G-Score Ratio Debt (Debts / Equity Capital)	0.34	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.91	2.21	1.55

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	33.750	51.062	60.962
Reserves & Surplus	(26.084)	(33.131)	(54.461)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.666	17.931	6.501
Long-term borrowings	0.000	0.000	0.676
Short term borrowings	0.000	0.000	20.000
Current maturities of long-term debts	0.000	0.000	0.282
Total borrowings	0.000	0.000	20.958
Debt/Equity ratio	0.000	0.000	3.224

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	27.090	53.829	185.097
		98.704	243.861

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	27.090	53.829	185.097
Profit/ (Loss)	(15.622)	(25.986)	(41.430)
	(57.67 %)	(48.28 %)	(22.38 %)

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	Yes
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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 four years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL PERFORMANCE AND RESULTS

The company is in the business of providing office products in the B2B space. During the current financial year, the company achieved a gross revenue of INR 186.060 Million and suffered a Loss of INR 41.430 Million.

INDEX OF CHARGE: No Charges Exists for Company

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Rupee term loans from banks	0.676	0.000
SHORT TERM BORROWING
Intercorporate borrowings	20.000	0.000
Total	20.676	0.000

FIXED ASSETS:

Tangible assets

• Furniture and fixtures
• Office equipment
• Computer equipments

Intangible assets

• Computer software

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	INR
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74

INFORMATION DETAILS

Information Gathered by :	RBY
Analysis Done by :	PSD
Report Prepared by :	KVT

SCORE FACTORS

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

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)

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.