MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	507927
Report Date :	09.05.2018

IDENTIFICATION DETAILS

Name :	SUN-POWER TRADING PRIVATE LIMITED

Registered Office :	203, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra
Tel. No.:	91-22-40100572

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	18.01.2014

Com. Reg. No.:	11-252236

Capital Investment / Paid-up Capital :	INR 25.100 Million

CIN No.: [Company Identification No.]	U51909MH2014PTC252236

IEC No.: [Import-Export Code No.]	Not Applicable (As informed by the management that firm does not have export and import)

GSTN : [Goods & Service Tax Registration No.]	27AAUCS1258H1ZW

TIN No.:	27241158578

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAUCS1258H

Legal Form :	Private Limited Liability Company

Line of Business :	· Trader, Dealer and Distributor of Iron and Steel, Aluminium Material, Chemical, Petrochemical Products and Agro Commodities, Electrical and Industrial Items. [Confirmed by Management] · Wholesale Trading of Non-Ferrous Metals and Articles Thereof. [Registered Activity]

No. of Employees :	20 [Approximately]

RATING & COMMENTS

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

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 2014. It is a trader, dealer and distributor of iron & steel, aluminium material, chemical, petrochemical products, agro commodities, Electrical and Industrial items. For the financial year 2017, the company has achieved massive growth in its revenue as compared to the previous year but has reported low profit margin of 0.46%. The Moderate financial profile of the company is marked by improving net worth base due to equity infused by its promoters along with negligible debt level. Rating is constrained on account of highly competitive steel industry. However, we have received satisfactory feedback regarding the business transactions of the subject from its Suppliers (Speigel Enterprises Private Limited, Shreem Electric Limited and Syska LED Lights Private Limited). Customer (Flash Forge Private Limited) also gave positive feedback and claimed that they are satisfied with subject’s product quality and delivery. Banker (Kotak Mahindra Bank Limited) has also given positive feedback and is satisfied with company’s banking transaction. Payment seems to be slow but correct. In view of aforesaid, the company 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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

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 09.05.2018.

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 :	Mr. Vickaash Agarwal
Designation :	Director
Contact No.:	91-9980730991

[91-9820471204 - Ms. Shobhaa Thakur] not working with company

LOCATIONS

Registered/ Head Office :	203, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-40100572/ 40230815/ 49556900
Mobile No.:	91-9980730991 [Mr. Vickaash Agarwal]
Fax No.:	Not Available
E-Mail :	info@ineshgroup.com contact@sunpowergrp.com adorable.bhawna89@gmail.com info@sunpowergrp.com
Area:	1800 Sq. ft.
Location :	Rented
Locality:	Commercial

Godown :	Plot No. 494, Road No. 04, Steel Warehousing Complex, Sector KWC, Kalamboli, Navi Mumbai-410218, Maharashtra, India
E-Mail :	strategy@sunpowergrp.com
Area:	110 Sq. Mt.
Location :	Rented
Locality:	Commercial

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Vickaash Agarwal

Designation :

Director

Address :

LE-Orchid, 501, 15^th Road, Khar (West), Mumbai, Maharashtra, India

Date of Birth/Age :

19.10.1980

Qualification :

B Com

Experience :

16 Years

Date of Appointment :

04.02.2014

DIN No.:

01951205

PAN No.:

ADSPA9300J

Aadhar No.:

561891532793

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U70101MH2011PTC214276	PRIYAMBDA REALCOMM PRIVATE LIMITED	25/02/2014	-
U74999MH2016PTC287583	AQUARIES MULTIVENTURES PRIVATE LIMITED	27/05/2017	-
U80301KA2009PTC051710	KIDS CAMPUS EDUCATION PRIVATE LIMITED	02/12/2009	-

Name :

Mrs. Jyoti Agarwal

Designation :

Director

Address :

LE-Orchid, 501, 15^th Road, Khar (West), Mumbai, Maharashtra, India

Date of Birth/Age :

27.11.1980

Qualification :

B Com

Date of Appointment :

04.02.2014

DIN No.:

02792260

PAN No.:

AEFPA1546Q

Aadhar No.:

765556774538

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U70101MH2011PTC214276	PRIYAMBDA REALCOMM PRIVATE LIMITED	26/11/2015	-
U74999MH2016PTC287583	AQUARIES MULTIVENTURES PRIVATE LIMITED	27/05/2017	-
U80301KA2009PTC051710	KIDS CAMPUS EDUCATION PRIVATE LIMITED	02/12/2009	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Vickaash Agarwal	1505000	59.96
Jyoti Agarwal	1005000	40.04

Total	2510000	100.00

AS ON 12.06.2017

Names of Allottees [Equity Shares]		No. of Shares
Vickaash Agarwal		3395000
Jyoti Agarwal		1095000

Total		4490000

AS ON: 19.08.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family - Indian)	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

· Trader, Dealer and Distributor of Iron and Steel, Aluminium Material, Chemical, Petrochemical Products and Agro Commodities, Electrical and Industrial Items. [Confirmed by Management]

· Wholesale Trading of Non-Ferrous Metals and Articles Thereof. [Registered Activity]

Products :

ITC Code No.

Product Descriptions

99611929

Other non-ferrous metals and articles

thereof n.e.c

Brand Names :

Not Available

Agencies Held :

· JSW Steels Limited

· Essar Steel

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash, L/C and Credit [30 Days]

Purchasing :

Cash, L/C and Credit [30 Days]

PRODUCTION STATUS: [NOT AVAILABLE]

GENERAL INFORMATION

Suppliers :

Reference:

Speigel Enterprises Private Limited

Name of the Person (Designation):

Mr. Nagraj [Accountant]

Contact Number:

91-9035899337

Since how long known:

4 Years

Maximum limit dealt:

Not Divulged

Experience:

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark

As claimed by Mr. Nagraj [Accountant] that the payment behaviour, market goodwill is excellent and overall performance is excellent

Reference:

Shreem Electric Limited

Name of the Person (Designation):

Mr. Rohit [Purchase Manager]

Contact Number:

91-8879226675

Since how long known:

4 Years

Maximum limit dealt:

Not Divulged

Experience:

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark

As claimed by Mr. Rohit [Purchase Manager] that the payment behaviour, market goodwill is excellent and overall performance is excellent

Reference:	Kridhan Infra Limited
Name of the Person (Designation):	--
Contact Number:	91-9769879692
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	Ringing

Reference:

Syska Led Lights Private Limited

Name of the Person (Designation):

Mr. Bharat (Senior Executive]

Contact Number:

91-9730730744

Since how long known:

6 Months

Maximum limit dealt:

Not Divulged

Experience:

Payment Behaviour	Market Goodwsill	Overall
Good	Good	Good

Remark

As claimed by Mr. Bharat (Senior Executive] that the payment behaviour, market goodwill is excellent and overall performance is excellent

Customers :

Wholesalers, Retailers, OEMs and End Users

Reference:

Flash Forge Private Limited

Name of the Person (Designation):

Mr. Rahul [Accountant]

Contact Number:

91-9987631157

Since how long known:

3 Years

Maximum limit dealt:

Not Divulged

Experience:

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark

As claimed by Mr. Rahul [Accountant] that the product quality and delivery behaviour is good and overall performance is goods.

Reference:	Aaradhya Steel Private Limited
Name of the Person (Designation):	--
Contact Number:	91-9035899337
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	Ringing

Reference:	EMC Limited
Name of the Person (Designation):	--
Contact Number:	91-9980293177
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	Not belong to subject

No. of Employees :

20 [Approximately]

Bankers :

Bank Name:	Kotak Mahindra Bank Limited
Branch:	C-12, G Block, BKC Bandra [East], Mumbai-400051, Maharashtra, India
Person Name (with Designation):	Mr. Pankaj Chaudhary (Relationship Manager)
Contact Number:	91-7715980240
Name of Account Holder:	SUN-POWER TRADING PRIVATE LIMITED
Account Number:	554011019372
Account Since (Date/ Year of A/c Opening):	2.5 Years
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	No Facilities
Account Operation:	Satisfactory
Remarks:	Mr. Pankaj Chaudhary (Relationship Manager) claimed that they are satisfied with subject company transaction.

· Vijaya Bank

G/4, Poonam Chambers, Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Particulars	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG TERM BORROWING
Car loan from Yes Bank Limited -Merecedes Benz GLE	6.129	0.000
Car loan from ICICI Bank Limited - Toyoto Fortuner	2.344	0.000

Total	8.473	0.000

Financial Institution:	Reliance Commercial Finance Limited

Auditors :
Name :	Mukesh M Choksi and Company Chartered Accountants
Address :	101, Mickeys Heritage, 7^th Golibar Road, Above HDFC Bank, Santacruz (East), Mumbai-400065, Maharashtra, India
Tel. No.:	91-22-26150520

Memberships :	Not Available

Collaborators :	Not Available

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives/ Group Companies :	· Priyambada Realcomm Private Limited [U70101MH2011PTC214276] Address: 203, Trade Center, BKC, Bandra (East), Mumbai-400051, Maharashtra, India Activity: Real Estate · KIDS Campus Education Private Limited [U80301KA2009PTC051710] Address: No. 21, 1st Cross, Lakshmi Layout Marathahalli, Bangalore - 560037, Karnataka, India Activity: Education · Aquaries Multiventures Private Limited [Confirmed by Management] Address: 203, Trade Center, BKC, Bandra (East), Mumbai-400051, Maharashtra, India · Inesh Hometexx LLP

CAPITAL STRUCTURE

AFTER 19.08.2017

Authorised Capital:

No. of Shares	Type	Value	Amount

7000000	Equity Shares	INR 10/- each	INR 70.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

7000000	Equity Shares	INR 10/- each	INR 70.000 Million

AS ON: 31.03.2017

Authorised Capital:

No. of Shares	Type	Value	Amount

3000000	Equity Shares	INR 10/- each	INR 30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

2510000	Equity Shares	INR 10/- each	INR 25.100 Million

FINANCIAL DATA

[all figures are in 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	25.100	5.000	0.100
(b) Reserves & Surplus	8.196	1.205	(0.051)
(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	33.296	6.205	0.049

(3) Non-Current Liabilities
(a) Long-term borrowings	250.406	34.482	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	250.406	34.482	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	41.487	10.577	0.000
(c) Other current liabilities	0.739	0.526	0.496
(d) Short-term provisions	4.706	0.750	0.000
Total Current Liabilities	46.932	11.853	0.496

TOTAL	330.634	52.540	0.545

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.403	0.113	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	0.001	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.002	0.475	0.475
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.406	0.588	0.475

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.190	9.695	0.000
(c) Trade receivables	178.802	4.250	0.000
(d) Cash and cash equivalents	25.054	22.690	0.070
(e) Short-term loans and advances	59.182	15.317	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	319.228	51.952	0.070

TOTAL	330.634	52.540	0.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations (Net)	1531.291	403.824	0.000
		Other Income	0.199	0.000	0.000
		TOTAL	1531.490	403.824	0.000

Less	EXPENSES
		Purchases of Stock-in-Trade	1555.757	407.674	0.000
		Changes in inventories	(46.494)	(9.696)	0.000
		Employees benefits expense	6.898	0.720	0.000
		Other expenses	4.140	3.041	0.029
		TOTAL	1520.301	401.739	0.029

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		11.189	2.085	(0.029)

Less	FINANCIAL EXPENSES		0.165	0.006	0.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		11.024	2.079	(0.029)

Less/ Add	DEPRECIATION/ AMORTISATION		0.949	0.072	0.000

	PROFIT/ (LOSS) BEFORE TAX		10.075	2.007	(0.029)

Less	TAX		3.084	0.750	0.000

	PROFIT/ (LOSS) AFTER TAX		6.991	1.257	(0.029)

	Earnings/ (Loss) Per Share (INR)		4.65	125.66	(2.90)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA

Cash generated from operations	NA	NA	NA

Net Cash flow from Operating Activities	(221.952)	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Operating Income 365 Days)*	5832.76	744.00	0.00

Account Receivables Turnover (Operating Income / Sundry Debtors)	0.06	0.49	0.00

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	9.73	9.47	0.00

Inventory Turnover (Operating Income / Inventories)	0.20	0.22	0.00

Asset Turnover (Operating Income / Net Fixed Assets)	0.98	18.45	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.90	0.88	0.91

Debt Equity Ratio (Total Liability / Networth)	7.52	5.56	0.00

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.41	1.91	10.12

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.34	0.02	0.00

Interest Coverage Ratio (PBIT / Financial Charges)	67.81	347.50	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) 100)*	%	0.46	0.31	0.00

Return on Total Assets ((PAT / Total Assets) 100)*	%	2.11	2.39	(5.32)

Return on Investment (ROI) ((PAT / Networth) 100)*	%	21.00	20.26	(59.18)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	6.80	4.38	0.14

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	5.60	3.57	0.14

G-Score Ratio Financial (Networth / Total Assets)	0.10	0.12	0.09

G-Score Ratio Debt (Debts / Equity Capital)	9.98	6.90	0.00

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	6.80	4.38	0.14

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.100	5.000	25.100
Reserves & Surplus	(0.051)	1.205	8.196
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.049	6.205	33.296

Long-term borrowings	0.000	34.482	250.406
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	34.482	250.406
Debt/Equity ratio	0.000	5.557	7.521

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	0.000	403.824	1531.291
			279.198

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	0.000	403.824	1531.291
Profit/ (Loss)	(0.029)	1.257	6.991
		0.31%	0.46%

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	Yes
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	Yes
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 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

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG TERM BORROWINGS
Vickaash Agrwal	33.837	0.000
Jyoti Agarwal	11.385	0.000
Priyamba Realcomm Private Limited	181.747	17.457
Kids Campus Education Private Limited	14.964	15.000
Inesh Hometexx LLP	0.000	2.025

Total	241.933	34.482

CHANGE OF ADDRESS:

The Registered address of the company has been shifted from D-201, Sanghavi Tower CHS Limited, Mumbai - 401107, Maharashtra, india to the present address w.e.f.04.02.2014

RESERVE & SURPLUS:

The profit of INR 6.991 million for the financial year is proposed to be transferred to the General Reserve.

FIXED ASSETS:

· Furniture and Fixture

· Computer equipment’s

· Vehicles

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 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 67.08
UK Pound	1	INR 91.14
Euro	1	INR 80.01

INFORMATION DETAILS

Information Gathered by:	SAV

Analysis Done by:	VAR

Report Prepared by:	ARC

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.