MIRA INFORM REPORT

Report No. :	496690
Report Date :	13.03.2018

IDENTIFICATION DETAILS

Name :	AMPSOLAR INDIA PRIVATE LIMITED
Registered Office :	309, 3rd Floor, Rectangle One, Behind Sheraton Hotel, Saket, New Delhi – 110017
Tel. No.:	91-11-43888900
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	08.06.2016
Com. Reg. No.:	55-301067
Capital Investment / Paid-up Capital :	INR 145.313 Million
CIN No.: [Company Identification No.]	U74999DL2016FTC301067
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAOCA5172E
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is in the business of developing, erecting, designing, acquiring, managing and operating solar energy power plants and generating, buying, selling, transmitting, distributing and supplying electrical power generated using solar energy and other sources of renewable energy are development of solar plants, generation and sale of solar energy, and management of solar plants. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 153000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “AMPSolar Asia Holdings Pte Limited” based in Singapore and its ultimate holding is “AMP Solar Group Inc.” based in Canada. It was incorporated during June 2016 and is engaged in generating, transmitting, distributing and supplying of electrical power generated using solar energy and other sources of renewable energy. As per financials of March 2017, the company has registered sound revenue from its operations but has reported losses. Rating takes into consideration the company’s healthy capital base along with strong debt coverage indicators and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity and well experienced management team. However, rating strength is partially offset by negative reserves of the company. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

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

Rating Agency Name	CARE
Rating	Long Term Rating=BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	13.06.2017

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 31-03-2016.

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 13.03.2018

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 DENIED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-43888900)

LOCATIONS

Registered Office :	309, 3rd Floor, Rectangle One, Behind Sheraton Hotel, Saket, New Delhi – 110017, India
Tel. No.:	91-11-43888900
Fax No.:	Not Available
E-Mail :	complianceofficer@ampsolargroup.com india@ampsolargroup.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Pinaki Bhattacharyya

Designation :

Whole-time Director

Address :

17.11.1974

Date of Birth/Age :

K-2130, 1st Floor C.R. Park, New Delhi – 110019, India

Qualification :

B.E (Mechanical) and MBA

Date of Appointment :

08.06.2016

PAN No.:

AREPB7993A

DIN No.:

03134436

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL2016PTC305648	AMPSOLAR SOLUTION PRIVATE LIMITED	08/09/2016	-

Name :

Mr. Shyam Lal Sharma

Designation :

Director

Address :

1537/109, 2nd Floor, Ganesh Pura B, Trinagar, Delhi – 110035, India

Date of Birth/Age :

26.02.1975

Qualification :

Graduate

Date of Appointment :

26.09. 2017

PAN No.:

AUOPS7436A

DIN No.:

03136121

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40108GJ2015PLC082717	RUDRA SOLARFARMS LIMITED	28/09/2017	-
U74999DL2017PTC315476	AMPSOLAR ENERGY PRIVATE LIMITED	11/07/2017	-

Name :

Mr. David James Rogers

Designation :

Director

Address :

305, Gloucester Ave Oakville Ontario L6J3W8 CA

Date of Birth/Age :

21.01.1973

Qualification :

Graduate

Date of Appointment :

08.06.2016

DIN No.:

07509412

KEY EXECUTIVES

Name :	Mr. Shyam Lal Sharma
Designation :	Chief Financial Officer
Address :	1537/109, 2nd Floor, Ganesh Pura B, Trinagar, Delhi – 110035, India
Date of Birth/Age :	26.02.1975
Date of Appointment :	01.09.2016
PAN No.:	AUOPS7436A
Name :	Mr. Shyam Lal Sharma
Designation :	Manager
Address :	1537/109, 2nd Floor, Ganesh Pura B, Trinagar, Delhi – 110035, India
Date of Birth/Age :	26.02.1975
Date of Appointment :	21.09.2017
PAN No.:	AUOPS7436A
Name :	Mr. Arpit Jain
Designation :	Company Secretary
Address :	64A, DDA Flats, Pocket 10-B, Jasola, New Delhi – 110025, India
Date of Birth/Age :	23.08.1985
Date of Appointment :	13.07.2017
PAN No.:	AHXPJ2671C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
AMPSOLAR Asia Holdings Pte. Limited, Singapore	145313152
AMP Solar Group INC., Canada	1
Total	145313153

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is in the business of developing, erecting, designing, acquiring, managing and operating solar energy power plants and generating, buying, selling, transmitting, distributing and supplying electrical power generated using solar energy and other sources of renewable energy are development of solar plants, generation and sale of solar energy, and management of solar plants.
(Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
00035105	Sale of products
99833243	Management Fees

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Yes Bank Limited
Branch	48, Nyaya Marg, Chanakyapuri, New Delhi – 110021, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)
Short-term borrowings
Other loans and advances	15.104
Total	15.104

Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector-42, Sector Road, Gurugram - 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	AMPSOLAR Asia Holdings Pte. Limited
Ultimate Holding Company :	AMP Solar Group INC
Subsidiaries :	AMPSOLAR Solution Private Limited (CIN No.: U74999DL2016PTC305648) AMPSOLAR Power Private Limited (CIN No.: U74999DL2016PTC308852) AMPSOLAR Ventures Private Limited (CIN No.: U74999DL2017PTC312832) AMPSOLAR Farms Private Limited (CIN No.: U74999DL2017PTC313824)
Joint controlled entity :	Rudra Solarfarms Limited (CIN No.: U40108GJ2015PLC082717)

CAPITAL STRUCTURE

After 26.09.2017

Authorised Capital : INR 500.000 Million

Issued, Subscribed & Paid-up Capital : INR 312.764 Million

As on 26.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	INR 1/- each	INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
145313153	Equity Shares	INR 1/- each	INR 145.313 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	145.313
(b) Reserves & Surplus	(91.665)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	53.648
(3) Non-Current Liabilities
(a) long-term borrowings	70.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.316
Total Non-current Liabilities (3)	70.316
(4) Current Liabilities
(a) Short term borrowings	16.861
(b) Trade payables	26.143
(c) Other current liabilities	24.763
(d) Short-term provisions	8.794
Total Current Liabilities (4)	76.561
TOTAL	200.525
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.469
(ii) Intangible Assets	0.294
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.700
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	48.575
(e) Other Non-current assets	0.000
Total Non-Current Assets	53.038
(2) Current assets
(a) Current investments	118.654
(b) Inventories	0.000
(c) Trade receivables	2.136
(d) Cash and cash equivalents	22.085
(e) Short-term loans and advances	4.356
(f) Other current assets	0.256
Total Current Assets	147.487
TOTAL	200.525

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017
	SALES
	Income	30.205
	Other Income	3.089
	TOTAL	33.294
Less	EXPENSES
	Cost of Materials Consumed	0.000
	Purchases of Stock-in-Trade	19.341
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000
	Employees benefits expense	65.054
	Other expenses	37.948
	TOTAL	122.343
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(89.049)
Less	FINANCIAL EXPENSES	1.847
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(90.896)
Less/ Add	DEPRECIATION/ AMORTISATION	0.769
	PROFIT/ (LOSS) BEFORE TAX	(91.665)
Less	TAX	0.000
	PROFIT/ (LOSS) AFTER TAX	(91.665)
	EARNINGS IN FOREIGN CURRENCY	7.444
	IMPORTS
	Raw Materials	12.189
	TOTAL IMPORTS	12.189
	Earnings / (Loss) Per Share (INR)	(1.10)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017
Current Maturities of Long term debt	NA
Cash generated from operations	NA
Net cash flows from (used in) operations	(87.743)
Net cash flow from operating activity	(87.835)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017
Average Collection Days (Sundry Debtors / Income * 365 Days)	25.81
Account Receivables Turnover ( Income / Sundry Debtors)	14.14
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	493.37
Inventory Turnover (Operating Income / Inventories)	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	(23.66)

LEVERAGE RATIOS

PARTICULARS	31.03.2017
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.73
Debt Equity Ratio (Total Liability / Networth)	1.62
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.43
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.07
Interest Coverage Ratio (PBIT / Financial Charges)	(48.21)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017
Net Profit Margin [(PAT / Sales) * 100]	%	(303.48)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(45.71)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(170.86)

SOLVENCY RATIOS

PARTICULARS	31.03.2017
Current Ratio (Current Assets / Current Liabilities)	1.93
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.93
G-Score Ratio Financial (Networth / Total Assets)	0.27
G-Score Ratio Debt (Debts / Equity Capital)	0.60
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.93

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

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	145.313
(b) Reserves & Surplus	(93.246)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	52.067
(3) Non-Current Liabilities
(a) long-term borrowings	106.300
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.316
Total Non-current Liabilities (3)	106.616
(4) Current Liabilities
(a) Short term borrowings	16.861
(b) Trade payables	26.453
(c) Other current liabilities	25.259
(d) Short-term provisions	8.794
Total Current Liabilities (4)	77.367
TOTAL	236.050
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.469
(ii) Intangible Assets	0.294
(iii) Capital work-in-progress	0.445
(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	48.575
(e) Other Non-current assets	0.000
Total Non-Current Assets	52.783
(2) Current assets
(a) Current investments	119.050
(b) Inventories	0.000
(c) Trade receivables	2.136
(d) Cash and cash equivalents	22.605
(e) Short-term loans and advances	39.220
(f) Other current assets	0.256
Total Current Assets	183.267
TOTAL	236.050

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017
	SALES
	Income	30.205
	Other Income	3.185
	TOTAL	33.390
Less	EXPENSES
	Cost of Materials Consumed	0.000
	Purchases of Stock-in-Trade	19.341
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000
	Employees benefits expense	65.054
	Other expenses	38.756
	TOTAL	123.151
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(89.761)
Less	FINANCIAL EXPENSES	2.716
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(92.477)
Less/ Add	DEPRECIATION/ AMORTISATION	0.769
	PROFIT/ (LOSS) BEFORE TAX	(93.246)
Less	TAX	0.000
	PROFIT/ (LOSS) AFTER TAX	(93.246)
	Earnings / (Loss) Per Share (INR)	(1.12)

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	No
8	Designation of contact person	No
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	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 about ten months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about ten months	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

CORPORATE INFORMATION

The company is a private limited company incorporated and domiciled in India. The registered office is located at New Delhi. The Company was incorporated on June 08, 2016. The Company is in the business of developing, erecting, designing, acquiring, managing and operating solar energy power plants and generating, buying, selling, transmitting, distributing and supplying electrical power generated using solar energy and other sources of renewable energy are development of solar plants, generation and sale of solar energy, and management of solar plants.

STATE OF COMPANY'S AFFAIRS, BUSINESS DEVEOPMENT AND OPERATIONS

The Company was incorporated on 8th June, 2016 to carry on the business of generating, storing, buying, selling and transmitting electrical power generated using solar energy and other sources of renewable energy and to develop and manage solar plants.

During the period, Company hired a very experienced team in every business vertical with focus on distributed energy segment. The Company has in-house Engineering and designing, Procurement, Project Management, Power Sales-Roof Top and Open access, Finance, M&A, Legal, Administration and Secretarial Team(s).

The Company has entered into an agreement with Suzlon Energy Limited for managing 15MW AC ground mounted Solar Power Project which was assigned by Suzlon to its subsidiary Company Rudra Solarfarms Limited. Project was successfully commissioned in June, 2017.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)
Long-term Borrowings
Fully convertible debentures others	70.000
Short-term borrowings
Loans and advances from related parties	1.757
Total	71.757

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G77875748	100156800	RELIANCE COMMERCIAL FINANCE LIMITED	23/01/2018	-	600000000.0	Reliance Centre, 6th Floor, South Wing, Off. Western Express Highway, Santacruz (East) Mumbai MAHARASHTRA 400055 INDIA
2	G72492853	100144065	IDBI TRUSTEESHIP SERVICES LIMITED	06/12/2017	-	1220000000.0	Asian Building, Ground Floor, 17 R. Kamani Marg, Ballard Estate Mumbai MAHARASHTRA 400001 INDIA
3	G73918757	100147721	RELIANCE COMMERCIAL FINANCE LIMITED	10/10/2017	-	100000000.0	Reliance Centre, 6th Floor, South Wing, Off. Western Express Highway, Santacruz (East) Mumbai MAHARASHTRA 400055 INDIA
4	G75214593	100078849	YES BANK LIMITED	25/01/2017	12/01/2018	150000000.0	48, Nyaya Marg Chanakyapuri New Delhi 110021 INDIA
5	G35048594	100075771	INDIAN RENEWABLE ENERGY DEVELOPMENT AGEN CY LIMITED	18/01/2017	-	855300000.0	INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE 4 A LODHI ROAD NEW DELHI 110003 INDIA

CONTINGENT LIABILITIES: (As on 31.03.2017)

a. The Company has provided a corporate guarantee towards performance of rooftop solar power system installed (by generating a minimum 1300 units/KWP per annum) for Avon Ispat and Power Limited. The said corporate guarantee is valid for a period of 1 year after the commencement of commercial operations of the project i.e. till March 1, 2018.

b. The Company has provided warranty on Photovoltic modules power output @ 90% output till the end of 10 years and 80% output for balance years till end of 25 years and for the rest of the systems of 5 years from the date of commencement of operations. As the Company is of view that the said warranty is backed by the warranty from the respective vendors, hence the Company has not created any provision in this respect as at the period ended March 31, 2017.

FIXED ASSETS

• Furniture and fixtures
• Office equipment
• Computer equipments
• Leasehold improvements

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 65.01
UK Pound	1	INR 90.12
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	SWE
Analysis Done by :	VIV
Report Prepared by :	SUD

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.