Due diligence report · Draft v2.0

Synthetic demonstration

Project Meridian

Kelvoran Industrial Systems Private Limited

Prepared for: Demo client (synthetic)
Prepared by: FI-DD · Forensic Investigation & Due Diligence
Report date: 16 Oct 2026
Reference: MER-2026-014
Information cut-off: 14 Oct 2026
Status: Draft v2 issued for client review

This report sets out the findings of counterparty due diligence on Kelvoran Industrial Systems Private Limited, carried out under the scope described in Appendix A. Our work was limited to the procedures described in this report and to information available up to 14 Oct 2026. Developments after that date are not reflected.

The report is prepared for the information of the addressee only and should be read together with the notice to reader in Appendix B.

This is a demonstration document. Every organisation, person, figure, source and finding in it is fictional.

1Statement of Work

The client is evaluating Kelvoran Industrial Systems Private Limited (“Kelvoran”) as a regional systems-integration partner and asked for counterparty due diligence on the company, its directors and an associated shareholder entity. The work covered corporate records, management backgrounds, financial standing, litigation and regulatory history, sanctions and political exposure, open press and media, and a site visit.

Targets in scope
Target	Type	Role / relationship
Kelvoran Industrial Systems Pvt. Ltd.	Company	Target entity · Automation & control systems integrator
Ishaan Mehra	Individual	Managing Director · Promoter · 35.00% shareholder
Kavya Raman	Individual	Whole-Time Director & CFO · Executive director since 2019
Neel Kapadia	Individual	Non-Executive Director · Board member since 2021
Rivanta Engineering Services LLP	Associated entity	Associated entity · 18.00% shareholder · former LLP of the MD

2Risk Findings

Outcome of public-domain research. Each cell rates one criterion for one target. Select a cell to read the rationale, linked evidence and analyst note.

Risk findings: outcome of public-domain searches
Risk indicator / criterion	KelvoranTarget entity	I. MehraManaging Director	K. RamanWhole-Time Director & CFO	N. KapadiaNon-Executive Director	Rivanta LLPAssociated entity
REReputational & Ethical Conduct4 criteria · 1 flagged · 1 not assessedHighestLow
RE-1Bribery and corruption
RE-2Service delivery failures
RE-3Workplace conduct
RE-4Controls and integrity
SPSanctions & PEP Exposure5 criteria · 4 flaggedHighestHigh
SP-1Senior political exposure
SP-2Political affiliation or proximity
SP-3Political contributions
SP-4State-owned touchpoints
SP-5Sanctions and debarment
FSFinancial Soundness3 criteria · 1 flagged · 1 not assessedHighestLow
FS-1Financial crime
FS-2Financial health indicators
FS-3Defaults and insolvency
LELegal Exposure2 criteria · 3 flaggedHighestModerate
LE-1Adverse or ongoing litigation
LE-2Favourably disposed litigation
RCRegulatory & Compliance Exposure2 criteria · 2 flaggedHighestLow
RC-1Enforcement actions
RC-2Compliance lapses
OROther Risks2 criteria · 1 flagged · 1 not assessedHighestLow
OR-1Industry and conduct concerns
OR-2Privacy and consumer law

Risk findings (print)
Criterion	Kelvoran	I. Mehra	K. Raman	N. Kapadia	Rivanta LLP
RE-1 Bribery and corruption	None	None	None	None	None
RE-2 Service delivery failures	None	None	None	None	Low
RE-3 Workplace conduct	None	None	None	None	N/A
RE-4 Controls and integrity	None	None	None	None	None
SP-1 Senior political exposure	None	None	None	None	None
SP-2 Political affiliation or proximity	None	Moderate	None	None	None
SP-3 Political contributions	None	None	None	None	None
SP-4 State-owned touchpoints	Low	None	Low	None	None
SP-5 Sanctions and debarment	None	None	None	None	High
FS-1 Financial crime	None	None	None	None	None
FS-2 Financial health indicators	Low	None	None	None	N/A
FS-3 Defaults and insolvency	None	None	None	None	None
LE-1 Adverse or ongoing litigation	Moderate	None	None	None	Moderate
LE-2 Favourably disposed litigation	None	Low	None	None	None
RC-1 Enforcement actions	None	None	None	None	None
RC-2 Compliance lapses	Low	None	None	Low	None
OR-1 Industry and conduct concerns	Low	None	None	None	None
OR-2 Privacy and consumer law	None	None	None	None	N/A

No risk
Low risk
Moderate risk
High risk
Not assessed

Legend definitions are in Appendix C. “Not assessed” records a limitation of scope or sources and is not equivalent to “No risk”.

3Executive Summary

3.1Overview

Kelvoran Industrial Systems Private Limited is a Pune, Maharashtra-based systems integrator in industrial automation & control systems. It designs, builds and commissions SCADA, PLC and instrumentation systems, mainly for water utilities, power distribution companies and process manufacturers.
The company was incorporated on 14 Jun 2011 as Kelvoran Automation Private Limited and took its present name on 12 Mar 2018. Its status is active, with paid-up capital of INR 1.20 crore.
The board comprises Ishaan Mehra (Managing Director), Kavya Raman (Whole-Time Director & Chief Financial Officer), Neel Kapadia (Non-Executive Director). See 4.2 Key Management Personnel.

3.2Financials

Total revenue

₹59.63 cr

FY 2024-25

Profit after tax

₹1.24 cr

FY 2024-25

EBITDA margin

8.90%

FY 2024-25

Debt-to-equity

0.58×

FY 2024-25

Total revenue fell 4.0% to ₹59.63 cr in FY 2024-25, after compounding at 11.2% a year from FY 2020-21.
EBITDA margin moved from 11.95% to 8.90% (-3.05 pp), and profit after tax went from ₹3.12 cr to ₹1.24 cr.
Debt funds rose from ₹15.90 cr to ₹18.40 cr, taking debt-to-equity from 0.52× to 0.58×.

Detailed figures are in 4.4 Financials.

3.3Summary of Site Visit

The registered office was operational and consistent with registry records and the company profile (SV-01).
At the assembly facility, access was limited to the security gate. External observations were consistent with light assembly, but operating capacity could not be confirmed (SV-02). Further verification is required.
Tax registration certificates and the code of conduct were reviewed. The office lease had not been received by the cut-off date, and one quality certificate cited in the company profile was unavailable.

See 4.6 Site Visit Observations.

3.4Online Evaluation Results

Debarred by a state public works department (2023–2025): In May 2023 a state public works department debarred Rivanta Engineering Services LLP from tendering for two years after experience certificates submitted in a bid could not be authenticated. The debarment expired in May 2025 and no re-listing was identified. The order does not name individual partners.
Legal outcomeDetailed in 4.8 Global and Local Database Checks
Arbitral award in distributor contract dispute: In August 2023 an arbitral tribunal held that Kelvoran had wrongfully terminated a regional distribution agreement and awarded the former distributor INR 0.42 crore plus costs. Company filings indicate the award was paid in FY 2023-24; no challenge to the award was identified.
Legal outcomeDetailed in 4.8 Global and Local Database Checks
Speaker at an industry summit alongside state ministers: Ishaan Mehra spoke at a state-level industrial automation summit in September 2024 that was inaugurated by two serving state ministers, and appears with them in event photographs. No party role, donation or official appointment was identified; the rating reflects the framework's proximity criterion.
Verified factDetailed in 4.7 Open Press and Media Search
Recovery suit decided against Rivanta (2024): In July 2024 a civil court decreed a subcontractor's recovery suit against Rivanta for INR 0.31 crore with interest. No appeal was identified, and satisfaction of the decree could not be confirmed from the available sources.
Legal outcomeDetailed in 4.8 Global and Local Database Checks
Pending recovery suit filed by a component supplier: A component supplier filed a commercial suit in November 2025 seeking INR 0.27 crore for allegedly unpaid invoices. Kelvoran disputes the claim, citing rejected deliveries. The matter is pending and the claims have not been adjudicated.
AllegationDetailed in 4.8 Global and Local Database Checks
Disputed indirect-tax demand disclosed as a contingent liability: The FY 2024-25 audited financial statements disclose a contingent liability of INR 0.38 crore for an indirect-tax demand relating to FY 2019-20, which the company has appealed. The auditor's report is unqualified.
Verified factDetailed in 4.4 Financials
Late statutory filings for FY 2021-22, since regularised: The FY 2021-22 financial statements and annual return were filed with the corporate registry 94 days after the due date and regularised with additional fees. Filings for later years were made on time.
Verified factDetailed in 4.8 Global and Local Database Checks
Contracts with state-owned water utilities: Since 2019 Kelvoran has supplied and maintained SCADA systems for two state-owned water utilities under public tenders. Contract awards were published in tender notices; no allegation of irregularity was identified.
Verified factDetailed in 4.7 Open Press and Media Search

This executive summary gives an overview of the most significant findings and is not exhaustive. Read it together with the detailed findings in section 4 and the remaining items in the full findings list.

4Detailed Findings

4.1Company Background and Business Activities

Company identifiers
Date of incorporation	14 Jun 2011
Registration identifier (partially masked)	U29199MH2011PTC2•••••
Ownership type	Private limited company (unlisted)
Status	Active
Tax identifier (masked)	AA•••••••K
Indirect-tax registrations	Maharashtra: active from 1 Jul 2017; Gujarat: active from 10 Apr 2019; Karnataka: active from 1 Sep 2021; Telangana: cancelled from 15 Jan 2020 to 31 Aug 2024
Authorised capital	INR 2.00 crore
Paid-up capital	INR 1.20 crore
Registered address	Unit 402, Halden Tech Park, Baner, Pune, Maharashtra, India (fictional address)
Business address	Building C, Northgate Industrial Park, Talegaon, Pune district, Maharashtra (fictional address)
Website	kelvoran.example (placeholder domain)
Auditor (FY 2024-25)	R. Desai & Co., Chartered Accountants (fictional)

Kelvoran Industrial Systems Private Limited (“Kelvoran”) is a Pune-based systems integrator that designs, builds and commissions industrial control systems. It was incorporated in June 2011 as Kelvoran Automation Private Limited and took its present name in March 2018, when it added control-panel assembly to its integration services.

Its work spans SCADA and PLC integration, instrumentation and telemetry, mainly for water utilities, power distribution companies and process manufacturers in western and southern India. Since 2019 a growing share of revenue has come from public tenders issued by state-owned utilities (see F-05).

The company is led by its promoter and Managing Director, Ishaan Mehra. A financial investor, Tessellate Growth Partners Fund I, has held 27.00% since 2021, and Rivanta Engineering Services LLP, a contracting firm that Mr Mehra was a designated partner of until 2022, holds 18.00%.

Open the interactive entity profile

4.2Key Management Personnel

Key management personnel
Director ID (masked)	Name	Designation	Date of appointment
0••••418	Ishaan Mehra	Managing Director	1 Apr 2014
0••••962	Kavya Raman	Whole-Time Director & Chief Financial Officer	15 Jul 2019
0••••735	Neel Kapadia	Non-Executive Director	1 Feb 2021

4.2.1Ishaan Mehra

An instrumentation engineer by training, Ishaan Mehra moved from project engineering into general management over a career spent in industrial automation. He co-founded Kelvoran in 2011 and has led it as Managing Director since April 2014. Until March 2022 he was also a designated partner of Rivanta Engineering Services LLP, a civil and electrical contracting firm that holds 18.00% of Kelvoran.

Professional history of Ishaan Mehra
Tenure	Designation	Organisation
Apr 2014 – Present	Managing Director	Kelvoran Industrial Systems Pvt. Ltd.
Jun 2011 – Mar 2014	Director (Operations)	Kelvoran Automation Pvt. Ltd.
Jan 2012 – Mar 2022	Designated Partner	Rivanta Engineering Services LLP
Jul 2005 – May 2011	Project Manager	Dhruvak Controls Pvt. Ltd.
Aug 2000 – Jun 2005	Instrumentation Engineer	Westmere Process Engineering Ltd.

Education of Ishaan Mehra
Period	Qualification	Institution
2008 – 2010	Executive MBA (part-time)	Ashvin School of Management
1996 – 2000	B.E., Instrumentation Engineering	Ravel Institute of Technology

Full profile, directorships and association map

4.2.2Kavya Raman

A chartered accountant with a background in corporate credit, Kavya Raman joined Kelvoran as Chief Financial Officer in July 2019 and was appointed a whole-time director at the same time. Earlier she spent six years in the credit function of a public sector bank and four years as financial controller at a components manufacturer.

Professional history of Kavya Raman
Tenure	Designation	Organisation
Jul 2019 – Present	Whole-Time Director & CFO	Kelvoran Industrial Systems Pvt. Ltd.
Jun 2015 – Jun 2019	Financial Controller	Arclight Components Ltd.
Nov 2009 – May 2015	Senior Manager, Credit	Public sector bank (name withheld in demo)
Aug 2005 – Oct 2009	Audit Associate	Mehta Sanghvi & Associates

Education of Kavya Raman
Period	Qualification	Institution
2005	Chartered Accountant	National professional accountancy body
2001 – 2004	B.Com	Lakeview College of Commerce

Full profile, directorships and association map

4.2.3Neel Kapadia

Neel Kapadia joined Kelvoran's board in February 2021 as the nominee of its financial investor. He is a partner at an investment advisory firm and sits on the board of another portfolio company. Earlier he co-founded Tarkash Infotech Pvt. Ltd., a software start-up that stopped trading in 2016 and was struck off by the registrar in 2019.

Professional history of Neel Kapadia
Tenure	Designation	Organisation
Feb 2021 – Present	Non-Executive Director (investor nominee)	Kelvoran Industrial Systems Pvt. Ltd.
Apr 2016 – Present	Partner	Tessellate Capital Advisors LLP
Sep 2012 – Mar 2016	Co-founder	Tarkash Infotech Pvt. Ltd.
Jun 2008 – Aug 2012	Associate, Corporate Finance	Harbourline Securities Ltd.

Education of Neel Kapadia
Period	Qualification	Institution
2006 – 2008	MBA (Finance)	Ashvin School of Management
2002 – 2006	B.Tech, Computer Engineering	Ravel Institute of Technology

Full profile, directorships and association map

4.3Shareholding

Equity shareholders of the company as at 31 Mar 2025, per the annual return:

Shareholding pattern
Name	Number of shares	Amount per share (INR)	% of total shares
Ishaan Mehra	4,20,000	10	35.00
Tessellate Growth Partners Fund I	3,24,000	10	27.00
Rivanta Engineering Services LLP	2,16,000	10	18.00
Anika Mehra	1,80,000	10	15.00
Kelvoran Employee Welfare Trust	60,000	10	5.00
Total	12,00,000		100.00

The total reconciles to the 12,00,000 paid-up equity shares on the registry. Rivanta Engineering Services LLP (18.00%) is a target of this review ().

4.4Financials

Total revenue fell 4.0% to ₹59.63 cr in FY 2024-25, after compounding at 11.2% a year from FY 2020-21.
EBITDA margin moved from 11.95% to 8.90% (-3.05 pp), and profit after tax went from ₹3.12 cr to ₹1.24 cr.
Debt funds rose from ₹15.90 cr to ₹18.40 cr, taking debt-to-equity from 0.52× to 0.58×.
The current ratio eased to 1.49× and the quick ratio to 0.95×, below 1.0× for the first time in the period, as inventories built up.

Key standalone figures, INR crore

Key standalone financial figures in INR crore
Particulars	FY 2024-25	FY 2023-24	FY 2022-23
Operational revenue	58.70	61.30	52.80
Total revenue	59.63	62.11	53.54
Profit / (loss)	1.24	3.12	3.40
EBITDA	5.31	7.42	6.95
EBITDA (%)	8.90	11.95	12.98
Debt funds	18.40	15.90	12.60
Debt-equity ratio (times)	0.58	0.52	0.46
Current ratio (times)	1.49	1.67	1.80
Quick ratio (times)	0.95	1.12	1.27

Key standalone figures, USD million (1 USD = INR 90)

Key standalone financial figures in USD million
Particulars	FY 2024-25	FY 2023-24	FY 2022-23
Operational revenue	6.52	6.81	5.87
Total revenue	6.63	6.90	5.95
Profit / (loss)	0.14	0.35	0.38
EBITDA	0.59	0.82	0.77
EBITDA (%)	8.90	11.95	12.98
Debt funds	2.04	1.77	1.40
Debt-equity ratio (times)	0.58	0.52	0.46
Current ratio (times)	1.49	1.67	1.80
Quick ratio (times)	0.95	1.12	1.27

The FY 2024-25 accounts also disclose a contingent liability for a disputed indirect-tax demand (). Five-year charts are in the financial analysis view.

4.5Charges

According to the register of charges, there is one open charge against the company's assets and one satisfied charge:

Register of charges
Charge holder	Amount (INR crore)	Created	Status
Scheduled commercial bank (name withheld in demo)	15.00	21 Aug 2023	Open
Scheduled commercial bank (name withheld in demo)	6.00	10 Feb 2016	Satisfied (30 Nov 2021)

4.6Site Visit Observations

4.6.1Registered office visitReviewed

The registered office on the fourth floor of a multi-tenant business park was operational. Signage showed the company's legal name, and reception staff confirmed that finance, HR and sales work from this floor.

Limitations / follow-up: The visit covered common areas only; management was not interviewed.

4.6.2Assembly facility visitFurther verification required

Access beyond the security gate was not granted without an appointment. From outside, a light-industrial unit with loading activity and partially obscured signage was observed.

Limitations / follow-up: Request a scheduled walkthrough or dated photographs of the assembly lines.

4.6.3Indirect-tax registration certificatesReviewed

Three active state registrations (Maharashtra, Gujarat, Karnataka) and one cancelled registration (Telangana, 2024) matched the public lookup.

Limitations / follow-up: None.

4.6.4Code of conductReviewed

The 2023 code covers anti-bribery, conflicts of interest, gifts and hospitality, and data handling. It does not describe a whistleblowing or speak-up channel.

Limitations / follow-up: Ask whether a separate whistleblowing policy exists.

4.6.5Lease agreement — registered officePending

A copy was requested from the entity on 3 Oct 2026 and had not been received by the information cut-off date.

Limitations / follow-up: Chase the copy before the report is finalised.

4.6.6Company profile brochureReviewed

The brochure's sector focus and service lines are consistent with registry objects and tender records. One quality certification it mentions could not be evidenced (see SV-07).

Limitations / follow-up: See SV-07.

4.6.7Quality management certificateUnavailable

The certificate referred to in the company profile was neither provided nor available from other sources.

Limitations / follow-up: Request the certificate and the certifying body's reference number.

4.7Open Press and Media Search

Kelvoran to add assembly capacity near Pune (Western Commerce Daily (fictional), 2 Oct 2026). Reports, citing unnamed sources, that the company plans a second assembly line funded partly by new borrowing.
AllegationPending review
Employee reviews: “great exposure, long site hours” (Employer review platforms (placeholder), 18 Sep 2026). Anonymous reviews mention delayed expense reimbursements, unclear appraisals and long commissioning schedules. Positive reviews cite technical learning.
Allegation
Component supplier sues controls integrator over unpaid invoices (Western Commerce Daily (fictional), 20 Nov 2025). Describes the supplier's claim and Kelvoran's position that the deliveries were rejected on quality grounds. The claims have not been adjudicated.
Allegation
State water utility awards SCADA upgrade contract (Utilities Review (fictional), 18 Mar 2025). Notes Kelvoran as the successful bidder for a telemetry and SCADA upgrade across 40 pumping stations.
Verified fact
Ministers open state automation summit; industry leaders outline grid plans (Western Commerce Daily (fictional), 13 Sep 2024). Lists Ishaan Mehra among the speakers at a summit inaugurated by two serving state ministers.
Verified fact
Court decrees subcontractor's recovery suit against engineering LLP (Pune Law Digest (fictional), 2 Aug 2024). Reports the July 2024 decree of INR 0.31 crore with interest against Rivanta.
Legal outcome
Automation firm ordered to compensate former distributor (The Industrial Ledger (fictional), 24 Aug 2023). Reports an arbitral award against Kelvoran for wrongful termination of a distribution agreement, and quotes a company statement that it would comply.
Legal outcome
Public works department debars contractor for two years (Deccan Civic Times (fictional), 12 May 2023). Reports Rivanta's debarment after experience certificates in a tender could not be authenticated.
Legal outcome
Residents complain of delays on drainage works (Deccan Civic Times (fictional), 21 Jan 2023). Quotes residents on missed deadlines and names Rivanta as the contractor. No municipal response or penalty is reported.
Allegation
Court dismisses cheque complaint against engineering firm's partner (Pune Law Digest (fictional), 26 Apr 2022). Reports the magistrate's finding that the partner named was not responsible for the firm's day-to-day conduct at the time.
Legal outcome
Automation integrator strengthens finance leadership (The Industrial Ledger (fictional), 22 Jul 2019). Announces Kavya Raman's appointment as CFO and summarises her earlier banking career.
Verified fact

One result relating to a namesake was investigated and discounted on three identifiers (M-07). Publishers named here are fictional and no live links are given.

4.8Global and Local Database Checks

Summary of database checks
Checks	Names checked	Result
Global compliance & PEP databases	All five targets	No adverse information identified in demo
Regulatory & enforcement records	All five targets	FindingKelvoran · F-04FindingN. Kapadia · F-10ReviewRivanta LLP
Sanctions, watchlists & debarment	All five targets	FindingRivanta LLP · F-11
Insolvency & bankruptcy	All five targets	No adverse information identified in demo
Credit & default checks	All five targets	Not assessedI. MehraNot assessedK. RamanNot assessedN. KapadiaUndeterminedRivanta LLP
Litigation	All five targets	FindingKelvoran · F-01, F-02FindingI. Mehra · F-08FindingRivanta LLP · F-12
Political exposure	All five targets	FindingKelvoran · F-05FindingI. Mehra · F-07FindingK. Raman · F-09
Consumer disputes	All five targets	Not assessedRivanta LLP
Other checks	All five targets	ReviewKelvoran

Litigation and regulatory matters identified

Litigation and regulatory matters
Matter	Target · role	Status
Distributor contract disputeArbitration · Arbitral tribunal (institutional, Mumbai seat)	Kelvoran · Respondent	Decided against target
Recovery suit by a component supplierCivil · Commercial court, Pune	Kelvoran · Defendant	Pending
Indirect-tax demand for FY 2019-20Tax · First appellate tax authority	Kelvoran · Appellant	Pending
Late statutory filings, FY 2021-22Regulatory · Corporate registry	Kelvoran · Filer	Closed
Cheque-dishonour complaintCriminal · Judicial Magistrate First Class, Pune	I. Mehra · Accused (as an LLP designated partner)	Dismissed / in target's favour
Strike-off of Tarkash Infotech Pvt. Ltd.Regulatory · Corporate registry	N. Kapadia · Former director	Closed
Debarment from public works tendersAdministrative · State public works department	Rivanta LLP · Debarred contractor	Order expired
Recovery suit by a subcontractorCivil · Civil Judge Senior Division, Pune	Rivanta LLP · Defendant	Decided against target

Searches covered the courts relevant to the targets' locations for 5 years (Oct 2021 – Oct 2026). Coverage periods for each source category are in the database checks view. No external database was queried for this demonstration.

5Appendices

AResearch Scope and Source Categories

Agreed scope of work

Profile the entity from public records: incorporation, business history, commercial track record and significant developments.
Obtain registry details: ownership and shareholding, officers and directors, senior executives, registration and filing status, and recent changes.
Search legal databases in the relevant jurisdictions for the entity and its key people over 5 years (Oct 2021 – Oct 2026).
Research suspected involvement in bribery, corruption, fraud, sanctions violations, human-rights abuses or other illegal activity, including settled and ongoing cases.
Identify connections or affiliations with state-owned enterprises.
Review adverse media on regulatory non-compliance, commercial disputes, IP violations, counterfeit trade and political exposure over 10 years (Oct 2016 – Oct 2026).
Assess reputation and track record, including a site visit.

Source categories

Source categories
Category	Source types (illustrative)
Corporate information	Corporate and LLP registries; tax registration records
Public domain and media	News archives and subscription databases; national, regional and trade press; search engines; social and professional networks; business directories
Financial information	Filed financial statements; charge registers; credit-default and wilful-defaulter listings; insolvency records
Litigation	Supreme Court; High Courts; district, commercial and magistrates' courts; consumer dispute commissions; legal databases
Regulatory	Securities, banking, corporate-registry, tax and investigative-agency orders; disqualified-director and defaulter lists; law-enforcement notices
Government relationships and PEP	Legislator lists; government appointment records; PEP databases; media review for political linkages
International sanctions and debarment	UN, EU, UK and US sanctions lists; multilateral development bank debarments; FATF public statements

Categories are illustrative. No external database, registry or publication was queried to produce this demonstration.

BNotice to Reader, Methodology and Definitions

Notice to reader

The work was performed under the agreed scope, and this report compiles the findings and analysis relevant to it.
Findings reflect information available up to 14 Oct 2026. Changes in circumstances or information after that date are not reflected.
The procedures performed are not an audit, examination or review under generally accepted auditing or attestation standards, and no assurance is expressed.
Information from public sources and from the client has not been independently verified except where stated. Each item's verification status is recorded in the evidence register.
Information gathered through discreet market enquiries is identified as such and may not be supported by documentary evidence.
The report does not provide legal advice. Matters requiring legal interpretation should be referred to counsel.
The report is for the addressee only and may not be relied upon by third parties.

Methodology notes

Profiling of each target from corporate records, media and online sources.
Financial health and shareholding analysis from filed statements and registry records.
Litigation, regulatory and sanctions screening across the sources in Appendix A, including name variants.
Field enquiries to corroborate and refine desk-based findings, conducted discreetly.
Ratings applied per criterion using the legend in Appendix C, with second-analyst review.

Definitions

Definitions and abbreviations
Term	Meaning in this report
Kelvoran / KISPL	Kelvoran Industrial Systems Private Limited
Rivanta	Rivanta Engineering Services LLP
KMP	Key managerial personnel
PEP	Politically exposed person
EBITDA margin	EBITDA divided by total revenue
Debt-equity ratio	Debt funds divided by net worth
Quick ratio	Current assets less inventories, divided by current liabilities
Verified fact	Confirmed against a primary or authoritative record
Allegation	Claimed by a third party; not established or adjudicated
Legal outcome	A decision, order or award of a court, tribunal or authority
Analytical interpretation	The analyst's assessment drawn from cited evidence
Not assessed	Outside scope or not determinable; never equivalent to “no risk”
Currency	INR figures in crore (10 million). USD at a synthetic 1 USD = INR 90

CRisk Legend

Risk legend
Level	Meaning	Typical examples
No risk	No unfavourable or adverse information was identified within the agreed research scope.	· Searches completed with no relevant results · Name matches investigated and discounted
Low risk	Matters to be aware of that do not, on their own, indicate misconduct or material weakness.	· Unproven allegations or consumer and employee complaints · Ongoing or favourably disposed civil proceedings · Minor, regularised compliance lapses · Commercial or employment touchpoints with state-owned bodies · Contingent liabilities or auditor emphasis without qualification
Moderate risk	Matters that warrant attention and, usually, a mitigation or monitoring step.	· Civil proceedings decided against the target · Junior political roles or proximity to political figures · Older or limited regulatory penalties · Workplace conduct or data-handling concerns in the public domain
High risk	Material concerns that typically require escalation before a decision is made.	· Sanctions, watchlist or debarment listings · Confirmed bribery, fraud or financial crime · Senior political office, or close family ties to it · Criminal proceedings decided against the target · Significant recent regulatory penalties
Not assessed	Outside the agreed scope, or not determinable from available sources. This is never equivalent to “no risk”.	· Criterion excluded for this target type · Required records not publicly available