MIRA INFORM REPORT

Report Date :

05.06.2008

IDENTIFICATION DETAILS

Name :	CHR GLOBAL HR SERVICES PRIVATE LIMITED
Formerly Known As :	CONSINDIA HR SERVICES PRIVATE LIMITED
Registered Office :	29 A, South End Park, Marry Apartment, 2^nd Floor, Kolkata – 700029, West Bengal
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	16.04.1996
Com. Reg. No.:	21-79369
CIN No.: [Company Identification No.]	U74140WB1996PTC079369
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10139D
PAN No.: [Permanent Account No.]	AAACC2767M
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business of consultancy and advisory services in all aspects relating to Management, Personnel, Production, Marketing, Engineering, Technical, Project Design.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company making its normal commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings.

LOCATIONS

Registered Office :	29 A, South End Park, Marry Apartment, 2^nd Floor, Kolkata – 700029, West Bengal, India
Mobile No.:	91-9322678260
E-Mail :	Pg9999@gmail.com vineetasengupta@chrglobal.com bom@consindiaglobal.com rocefile@yahoo.co.in
Website :	http://chrglobal.com
Corporate Office :	507, B&C 5^th Floor, Kakad Chambers, 132, Dr. Annie Besant Road, Worli, Mumbai – 400018
Tel. No.:	91-22- 66606791-3 / 66607066-7 / 6660 6625
Fax No.:	91-22- 24983810
E-Mail :	bom@chrglobal.com
Regional Office :	110/111, Shah and Nahar Industrial Estate, Dr. E Moses Road, Worli, Mumbai - 400018
Tel. No.:	91-22-6612 0012
Fax No.:	91-22-6612 0012
Branches :	Located at : Delhi Gurgaon Bangalore Kolkata

DIRECTORS

Name :	Mr. Tapash Sailesh Sen Gupta
Designation :	Director
Address :	106-Daffodil Co-operative Housing Society, 56 – Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	07.11.1952
Date of Appointment :	16.04.1996
Name :	Mr. Vineeta Tapash Sen Gupta
Designation :	Director
Address :	106-Daffodil Co-operative Housing Society, 56 – Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	16.10.1953
Date of Appointment :	16.04.1996
Name :	Mr. Amal Akhilchandra Das
Designation :	Director
Address :	106-Daffodil Co-operative Housing Society, 56 – Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.07.1955
Date of Appointment :	05.12.1996
Name :	Mr. Susim Mukl Mahimchandra Datta
Designation :	Director
Address :	104 B, Baktavar, Lower Colaba Road, App. Colaba Post Office, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	01.07.1936
Date of Appointment :	02.01.2006
Other Directorship :	Castrol India Limited L23200MH1979PLC021359 Philips Electronics India Limited U31902WB1930PLC006663 IL and FS Investment Managers Limited L65999MH1986PLC147981 BOC India limited L40200WB1958PLC008184 Peerless Hotels Limited U55101WB1990PLC049988 Tata Trustee Company Private Limited U65991MH1995PTC087722 Ambit Corporate Finance Private Limited U65923MH1997PTC109992
Name :	Mr. Ajay Akshan Dayal
Designation :	Director
Date of Birth/Age :	31.12.1952
Date of Appointment :	17.04.2006

KEY EXECUTIVES

Name :	Suryakant L Khare
Designation :	Company Secretary
Address :	1, “Guru Krupa”, Opposite Maharashtra Vidyalay, Savarkar Path, Thane – 400602

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Tapash Sailesh Sen Gupta	259000
Vineta Tapash Sen Gupta	41000
Total	300000

AS ON 30.09.2007

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

To carry on the business of consultancy and advisory services in all aspects relating to Management, Personnel, Production, Marketing, Engineering, Technical, Project Design.

GENERAL INFORMATION

No. of Employees :	Around 75
Bankers :	ICICI Bank Housing Development Finance Corporation Limited, Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India

Banking Relations :	Satisfactory
Auditors :
Name :	Deloitte Haskings Sell Chartered Accountants
Address :	4 A Park Plaza, South Block, 4^th Floor, 71, Park Street, Kolkata – 700016, West Bengal, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		3.000	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.494	17.505	10.216
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.494	20.005	12.716
LOAN FUNDS
1] Secured Loans		36.421	8.654	8.097
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		36.421	8.654	8.097
DEFERRED TAX LIABILITIES		0.000	0.075	0.000
TOTAL		67.915	28.734	20.813
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.342	15.198	14.007
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.940	2.940	0.000
DEFERREX TAX ASSETS		0.582	0.000	2.979
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	40.407	12.810	2.841
	Cash & Bank Balances	1.907	0.251	0.493
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.849	11.186	5.882
Total Current Assets		50.163	24.247	9.216
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	12.829	5.275	5.113
	Provisions	10.283	8.376	0.276
Total Current Liabilities		23.112	13.651	5.389
Net Current Assets		27.051	10.596	3.827
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		67.915	28.734	20.813

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		103.967	44.167	32.618
Other Income		0.100	2.368	1.983
Total Income		104.067	46.535	34.601
Profit/(Loss) Before Tax		25.212	15.935	1.245
Provision for Taxation		8.178	4.941	0.500
Profit/(Loss) After Tax		17.034	10.994	0.745
Earnings in Foreign Currency		4.724	0.771	0.000
Expenditures :
	Financial Charges	2.076	1.003	0.929
	Depreciation	3.756	2.144	2.447
	Other Expenditure	73.023	27.453	29.980
Total Expenditure		78.855	30.600	33.356

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	16.37	23.63	2.15
Net Profit Margin (PBT/Sales)	(%)	24.25	36.08	3.82
Return on Total Assets (PBT/Total Assets}	(%)	28.81	40.40	5.36
Return on Investment (ROI) (PBT/Networth)		0.80	0.80	0.10
Debt Equity Ratio (Total Liability/Networth)		1.89	1.11	1.06
Current Ratio (Current Asset/Current Liability)		2.17	1.78	1.71

LOCAL AGENCY FURTHER INFORMATION

Notes

The Company was originally incorporated on April 16, 1996 as “Consindia HR Services Private Limited” and subsequently changed into the present name “CHR Global HR Services Private Limited” w.e.f. September 6, 2007 as per Registry.

The Registered office of the company has been shifted from P 549 Lake Road, Kolkata – 700029, West Bengal to the present address w.e.f. 08.01.2007

Bankers Charges Report as per Registry

Name of the company	CHR GLOBAL HR SERVICES PRIVATE LIMITED
Presented By	Tapash Sen Gupta
1) Date and description of instrument creating the change	On 27^th December, 2002 No Instrument, being oral charge
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 13.600 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Property bearing No. GF – 1, [Rear Block], Plot No. 2, Palam Marg, Vasant Vihar, New Delhi
4) Gist of the terms and conditions and extent and operation of the charge.	As per loan agreement
5) Name and Address and description of the person entitled to the charge.	Housing development finance corporation limited B -6/3, Safdarjung Enclave, DDA Commercial Complex, Opposite Deer Park, New Delhi – 110029
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

This form is for	Creation of charge
Corporate identity number of the company	U74140WB1996PTC079369
Name of the company	CHR GLOBAL HR SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	29 A, South End Park, Marry Apartment, 2^nd Floor, Kolkata – 700029, West Bengal
Type of charge	Immovable Property
Particular of charge holder	Housing Development Finance Corporation Limited, Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India securities@hdfc.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry dated 24.11.2006
Date of instrument Creating the charge	24.11.2006
Amount secured by the charge	Rs. 24.150 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.75 % [ROI on the loan is equivalent to HDFC CPLR + / - spread as applicable. The said interest is payable monthly] Terms of Repayment 84 consecutive of Rs. 0.410 Million each commencing from 01.12.2006 Extent and Operation of the charge Charge operates as security for the loan granted by HDFC to the company
Short particulars of the property charged	Non residential premises being flat No. 507 B and 507 C totally adm approx 2640 sq. ft. built up area or thereabouts on the 5^th floor, in the building Kakad chambers situated at 132, Dr. Annie Besant Road, Worli, Mumbai – 400018 together with car parking facility in the compound of the said building.

AS PER WEBSITE

One-stop People Management firm, focused on:

• Identifying, assessing, counselling, acquiring and measuring talents, skills and knowledge in relation to the business roles and responsibilities,
• Realigning, augmenting and leveraging Human Capital and Processes to increase the economic value of businesses.

Subject was born in 1980, when a team of distinguished professionals formed a consulting company. These people were the following:

• Late Mr. V G Rajadhyaksha — Former Chairman, HLL and Member Planning Commission,
• Late Dr. R Banerjee — Former Vice Chairman, HLL,
• Late Mr. Manuel Menezes — Former Chairman, Railways Board,
• Late Air Chief Marshal P C Lal (Retd.) — First Air Chief Marshal, Indian Air Force,
• Late Mr. Mantosh Sondhi — Former Secretary, Ministry of Industries, Govt. of India.

Milestones

1980: Consindia Private Limited was formed by some of the most eminent personalities of those times. They created HR Strategies / models from business strategies and seamlessly blended it with the core non family professionals of the top management team.

1996: Mr. Tapash Sengupta, who pioneered the Search Process in India took over Consindia Private Limited and renamed it as Consindia HR Services Private Limited, focusing on Search, Selection and Human Capital Management issues. Incorporated on April 16^th. It was a unique strategy as the existing company was restarted to keep the eminence and ethics of the previous company which was unknown to consulting and recruitment field.

Created a partnership with Ward Howell International Group, 5^th largest non integrated executive search firm, for India and Sri Lanka.

1997: Opened offices in Delhi and Bangalore, with huge success in Delhi branch in the first year of operations

Entered into an engagement with most of the biggest leading Indian Business Houses and have remained the Consultants of choice since then. e.g. Tata Sons, Essar Group, Birla Group, RPG etc.

2004: Set up Ab Initio HR Services Private Limited — a fully owned subsidiary to cater to the Selections Market in India. The Selection Division has been growing ever since.

Entered into a engagement with the JK Group to transform most of their group companies. Projects still on going

2005: Opened office in Kolkata.

Successfully completed a Performance Management Exercise at HDFC Limited for all of their employees (1100 nos)

2006: Company renamed to CHR Global (HR Services) Private Limited to realise its Global ambitions.

Trademarked all the consulting Products and Models.

Trademarked all the Search, Selection and Consulting proprietary models.

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	Indian Rupees
US Dollar	1	Rs.42.63
UK Pound	1	Rs.83.40
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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