MIRA INFORM REPORT

Report No. :	508462
Report Date :	15.05.2018

IDENTIFICATION DETAILS

Name :	VARDHMAN MULTICUISINE PRIVATE LIMITED

Registered Office :	56/64, 1st Floor, Hari Chambers, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-43226100 / 22672267 / 68 / 2267137

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	20.08.2010

Com. Reg. No.:	11-206813

Capital Investment / Paid-up Capital :	INR 9.100 Million

CIN No.: [Company Identification No.]	U55101MH2010PTC206813

TIN No.:	27690934600

IEC No.: [Import-Export Code No.]	Not Available

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

PAN No.: [Permanent Account No.]	AADCV4137H

GSTN : [Goods & Service Tax Registration No.]	27AADCV4137H1ZA

Legal Form :	Private Limited Liability Company.

Line of Business :	To carry in India and abroad the business of multi cuisine restaurants, hotels, refreshment houses, ice cream parlours, snack bar, cafés, taverns and caterers. (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 :

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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject was incorporated in the year 2010 and it is having moderate track records. For the FY 2017, the company has not undertaken business operations and reported losses. Rating takes into consideration moderate financial risk profile of the company marked by negative reserves position. Further, rating is constrained on account of low liquidity position and intense competition from industry. Payments are seems to be unknown. In view of aforesaid, the company can be considered for business dealings with safe and secured 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

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	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 31-03-2018.

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 15.05.2018

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 DENIED

91-22-43226100 (RINGING)

91-22-22672268 (CONTINUOUSLY RINGING)

LOCATIONS

Registered :	56/64, 1st Floor, Hari Chambers, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-43226100 / 22672267 / 68 / 2267137
Mobile No.:	91-9769799903 (Mr. Akash Rajesh Vardhan) 91-7208899999 (Mr. Vishal Ramesh Vardhan)
Fax No.:	91-22-22625742
E-Mail :	info@vardhmandevelopers.com finance@vardhmandevelopers.com akash@vardhmandevelopers.com vishal@vardhmandevelopers.com
Website :	http://www.vardhmandevelopers.com

Corporate Office :	58/64, 1st Floor, Hari Chambers, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Rajesh Babulal Vardhan

Designation :

Director

Address :

A/10 Arvind Kunj, 5 Floor, Opposite Aircondition Market, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Appointment :

20.08.2010

DIN No.:

00199986

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH2007PTC167862	VARDHMAN GROWMORE DEVELOPERS PRIVATE LIMITED	15/04/2010	-
U45200MH2007PTC167846	VARDHMAN HOME DEVELOPERS PRIVATE LIMITED	15/04/2010	-
U70102MH2011PTC220284	INDELIBLE REALTORS PRIVATE LIMITED	29/07/2011	-
U70109MH2011PTC219522	STORK REALTORS PRIVATE LIMITED	07/07/2011	-
U92490MH2009PTC189719	VARDHMAN ENTERTAINMENT & HOSPITALITY PRIVATE LIMITED	20/01/2009	-
U74900MH2009PTC189426	INDELIBLE HOLDINGS PRIVATE LIMITED	07/01/2009	-
U45200MH2009PTC189427	VARDHMAN RESIDENCY PRIVATE LIMITED	15/04/2010	-
U74900MH2009PTC189424	ENSO HOLDINGS & FINANCE PRIVATE LIMITED	07/01/2009	-
U70101MH2007PTC172130	SHILPKAR DEVELOPERS PRIVATE LIMITED	30/09/2015	-
U45400MH2007PTC172219	FLOWER BOOM BUILDERS PRIVATE LIMITED	15/04/2010	-
U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	29/09/2016	-
U45200MH2006PTC159811	VIBUTI CONSTRUCTION PRIVATE LIMITED	16/02/2006	-
U45200MH2006PTC159785	DIWALI DEVELOPERS PRIVATE LIMITED	16/02/2006	-
U45200MH2005PTC158518	PAHLAJANI DEVELOPERS PRIVATE LIMITED	25/07/2007	-
U51109WB1996PTC080245	AMRIT TRADELINK PVT LTD	03/07/2003	-
L67120MH1995PLC084465	VARDHAN CAPITAL AND FINANCE LIMITED	09/01/1995	-
U67120MH1990PTC059264	BLUESTOCK INVESTMENTS PRIVATE LIMITED	12/08/1994	-
U70102MH1990PLC056704	VARDHMAN DEVELOPERS LIMITED	31/05/1990	-
L99999MH1982PLC028556	VARDHMAN CONCRETE LIMITED	01/02/2008	-

Name :

Mr. Ramesh Babulal Vardhan

Designation :

Director

Address :

A/10 Arvind Kunj, 5 Floor, Opposite Aircondition Market, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Appointment :

20.08.2010

DIN No.:

00207488

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH2007PTC167862	VARDHMAN GROWMORE DEVELOPERS PRIVATE LIMITED	15/02/2007	-
U45200MH2007PTC167846	VARDHMAN HOME DEVELOPERS PRIVATE LIMITED	14/02/2007	-
U51900MH1924PLC001114	HARDCASTLE WAUD AND COMPANY LIMITED	01/10/2010	-
U70102MH2011PTC220284	INDELIBLE REALTORS PRIVATE LIMITED	29/07/2011	-
U70109MH2011PTC219522	STORK REALTORS PRIVATE LIMITED	07/07/2011	-
U92490MH2009PTC189719	VARDHMAN ENTERTAINMENT & HOSPITALITY PRIVATE LIMITED	20/01/2009	-
U74900MH2009PTC189426	INDELIBLE HOLDINGS PRIVATE LIMITED	07/01/2009	-
U45200MH2009PTC189427	VARDHMAN RESIDENCY PRIVATE LIMITED	07/01/2009	-
U74900MH2009PTC189424	ENSO HOLDINGS & FINANCE PRIVATE LIMITED	07/01/2009	-
U45400MH2007PTC172219	FLOWER BOOM BUILDERS PRIVATE LIMITED	10/07/2007	-
U70100MH1964PLC012929	THE ASSOCIATION OF THE COMMERCE HOUSE BLOCK OWNERS LIMITED	22/09/2001	-
U45200MH2006PTC159811	VIBUTI CONSTRUCTION PRIVATE LIMITED	16/02/2006	-
U45200MH2006PTC159785	DIWALI DEVELOPERS PRIVATE LIMITED	16/02/2006	-
U45200MH2006PTC159909	STORK DEVELOPERS PRIVATE LIMITED	10/05/2006	-
U45200MH2005PTC158518	PAHLAJANI DEVELOPERS PRIVATE LIMITED	25/07/2007	-
L67120MH1995PLC084465	VARDHAN CAPITAL AND FINANCE LIMITED	09/01/1995	-
U67120MH1990PTC059264	BLUESTOCK INVESTMENTS PRIVATE LIMITED	23/05/2009	-
U70102MH1990PLC056704	VARDHMAN DEVELOPERS LIMITED	01/09/2009	-
L99999MH1982PLC028556	VARDHMAN CONCRETE LIMITED	04/10/2005	-

Name :

Mr. Vishal Ramesh Vardhan

Designation :

Director

Address :

A/10 Arvind Kunj, 5 Floor, Opposite Aircondition Market, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

09.07.1988

Date of Appointment :

01.01.2018

PAN No.:

AFKPV4975J

DIN No.:

03043125

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH2006PTC159785	DIWALI DEVELOPERS PRIVATE LIMITED	01/01/2018	-
U45200MH2006PTC159811	VIBUTI CONSTRUCTION PRIVATE LIMITED	01/01/2018	-
U45200MH2009PTC189427	VARDHMAN RESIDENCY PRIVATE LIMITED	01/01/2018	-
U92490MH2009PTC189719	VARDHMAN ENTERTAINMENT & HOSPITALITY PRIVATE LIMITED	01/01/2018	-
U70109MH2011PTC219522	STORK REALTORS PRIVATE LIMITED	01/01/2018	-

Name :

Mr. Akash Rajesh Vardhan

Designation :

Director

Address :

A/10 Arvind Kunj, 5 Floor, Opposite Aircondition Market, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

17.02.1992

Date of Appointment :

01.01.2018

PAN No.:

AKGPV3755K

DIN No.:

03043186

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70102MH1990PLC056704	VARDHMAN DEVELOPERS LIMITED	15/05/2010	-
U45200MH2006PTC159785	DIWALI DEVELOPERS PRIVATE LIMITED	01/01/2018	-
U45200MH2006PTC159811	VIBUTI CONSTRUCTION PRIVATE LIMITED	01/01/2018	-
U45400MH2007PTC172219	FLOWER BOOM BUILDERS PRIVATE LIMITED	01/01/2018	-
U74900MH2009PTC189424	ENSO HOLDINGS & FINANCE PRIVATE LIMITED	01/01/2018	-
U45200MH2009PTC189427	VARDHMAN RESIDENCY PRIVATE LIMITED	01/01/2018	-
U74900MH2009PTC189426	INDELIBLE HOLDINGS PRIVATE LIMITED	01/01/2018	-
U92490MH2009PTC189719	VARDHMAN ENTERTAINMENT & HOSPITALITY PRIVATE LIMITED	01/01/2018	-
U70109MH2011PTC219522	STORK REALTORS PRIVATE LIMITED	01/01/2018	-
U70102MH2011PTC220284	INDELIBLE REALTORS PRIVATE LIMITED	01/01/2018	-
U74999MH2015PTC260822	SWIFT TECHPRO PRIVATE LIMITED	12/01/2015	-
U45200MH2007PTC167846	VARDHMAN HOME DEVELOPERS PRIVATE LIMITED	01/01/2018	-
U45200MH2007PTC167862	VARDHMAN GROWMORE DEVELOPERS PRIVATE LIMITED	01/01/2018	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders		No. of Shares
Rajesh Babulal Vardhan		5000
Ramesh Babulal Vardhan		5000
Vardhman Developers Limited, India		900000

Total		910000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	1.10
Promoter - Bodies corporate	98.90
Total	100.00

BUSINESS DETAILS

Line of Business :	To carry in India and abroad the business of multi cuisine restaurants, hotels, refreshment houses, ice cream parlours, snack bar, cafés, taverns and caterers. (Registered activity)

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

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	Not Divulged
Branch	--
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)	--

Auditors :
Name :	Shravan Gandhi and Associates Chartered Accountants
Address :	701, Emerald Park, Veera Desai Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26776503
E-Mail :	gandhishravan@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAFPG9522Q

Memberships :	Not Available

Collaborators :	Not Available

HolDing company :	Vardhman Developers Limited, India U70102MH1990PLC056704

Fellow Subsidiary company.:	Vardhaman Entertainment and Hospitality Private Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

910000	Equity Shares	INR 10/- each	INR 9.100 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	9.100	9.100	9.100
(b) Reserves & Surplus	(4.499)	(3.671)	(2.844)
(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)	4.601	5.429	6.256

(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	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	2.826	2.691	2.691
(b) Trade payables	0.000	0.113	0.277
(c) Other current liabilities	0.311	0.355	0.364
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	3.137	3.159	3.332

TOTAL	7.738	8.588	9.588

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.875	6.513	7.171
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.875	6.513	7.171

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.078
(c) Trade receivables	1.219	1.219	0.715
(d) Cash and cash equivalents	0.574	0.786	1.353
(e) Short-term loans and advances	0.070	0.070	0.271
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1.863	2.075	2.417

TOTAL	7.738	8.588	9.588

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	0.000	2.399	4.280
	Other Income	0.004	0.546	0.003
	TOTAL	0.004	2.945	4.283

Less	EXPENSES
	Cost of Materials Consumed	0.000	1.933	2.758
	Employees benefits expense	0.000	0.472	0.926
	Other expenses	0.176	0.669	0.382
	TOTAL	0.176	3.074	4.066

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(0.172)	(0.129)	0.217

Less	FINANCIAL EXPENSES	0.019	0.039	0.039

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(0.191)	(0.168)	0.178

Less/ Add	DEPRECIATION/ AMORTISATION	0.638	0.658	0.658

	PROFIT/ (LOSS) BEFORE TAX	(0.829)	(0.826)	(0.480)

Less	TAX	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	(0.829)	(0.826)	(0.480)

	Earnings / (Loss) Per Share (INR)	(0.91)	(0.91)	(0.53)

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	(0.021)	(0.399)	NA
Net cash flow from operating activity	(0.212)	(0.568)	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Total Income * 365 Days)	0.00	151.08	60.93

Account Receivables Turnover (Total Income / Sundry Debtors)	0.00	2.42	5.99

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	21.34	36.66

Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00

Asset Turnover (Operating Income / Net Fixed Assets)	(0.03)	(0.02)	0.03

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.41	0.37	0.35

Debt Equity Ratio (Total Liability / Networth)	0.61	0.50	0.43

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.68	0.58	0.53

Fixed Assets to Networth (Net Fixed Assets / Networth)	1.28	1.20	1.15

Interest Coverage Ratio (PBIT / Financial Charges)	(9.05)	(3.31)	5.56

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.00	(34.43)	(11.21)

Return on Total Assets ((PAT / Total Assets) * 100)	%	(10.71)	(9.62	(5.01)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	(18.02)	(15.21)	(7.67)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.59	0.66	0.73

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.59	0.66	0.70

G-Score Ratio Financial (Networth / Total Assets)	0.59	0.63	0.65

G-Score Ratio Debt (Debts / Equity Capital)	0.31	0.30	0.30

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.59	0.66	0.73

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	9.100	9.100	9.100
Reserves & Surplus	(2.844)	(3.671)	(4.499)
Net worth	6.256	5.429	4.601

Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	2.691	2.691	2.826
Total borrowings	2.691	2.691	2.826
Debt/Equity ratio	0.430	0.496	0.614

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
Total Income	4.283	2.945	0.004
		(31.240)	(99.864)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Total Income	4.283	2.945	0.004
Profit / (Loss)	(0.480)	(0.826)	(0.829)
	(11.21%)	(28.05%)	(20725.00%)

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	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 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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term Borrowings
Inter Corporate Deposit from Related Parties
Vardhaman Entertainment Hospitality Private Limited	1.766	1.766
Vardhaman Developers Limited	1.060	0.925

Total	2.826	2.691

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Office equipment
Kitchen equipment / utensils
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 67.38
UK Pound	1	INR 91.39
Euro	1	INR 79.89

INFORMATION DETAILS

Information Gathered by :	SHT

Analysis Done by :	PRS

Report Prepared by :	KJL

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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.