MIRA INFORM REPORT

Report Date :

29.11.2011

IDENTIFICATION DETAILS

Name :	MCI MANAGEMENT (INDIA) PRIVATE LIMITED
Registered Office :	410, Madhava, Behind Family Court, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.07.2007
Com. Reg. No.:	11-172309
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74140MH2007PTC172309
TAN No.: [Tax Deduction & Collection Account No.]	MUMM2919F
PAN No.: [Permanent Account No.]	AAFCM1497F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject offers Performance Improvement Programmes, Creative Communication and Destination Management services.

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	410, Madhava, Behind Family Court, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-61432600
Fax No.:	91-22-67101187
E-Mail :	relans_81@yahoo.com

DIRECTORS

AS ON 26.09.2011

Name :	Mr. Clifford Dominic Paul Fernandes
Designation :	Director
Address :	House No.513 (1), Bogmalo, Marmagoa, Goa-403806, Maharashtra, India
Date of Appointment :	10.09.2007
DIN No.:	01754320
Name :	Ms. Nisha Sharma Mullati
Designation :	Director
Address :	B-23, Lower Ground Floor, Lajpat Nagar-III, New Delhi-110024, India
Date of Birth/Age :	11.01.1970
Date of Appointment :	10.11.2008
DIN No.:	01490666

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109DL2007PTC166082	MEGARON MARKETING SUPPORT PRIVATE LIMITED	Director	20-07-07	20-07-07	Strike off	NO
2	U74140MH2007PTC172309	MCI MANAGEMENT (INDIA) PRIVATE LIMITED	Additional director	10-11-08	10-11-08	Active	NO

Name :	Ms. Priti Khana
Designation :	Director
Address :	75, Joragh, New Delhi-110003, India
Date of Birth/Age :	31.01.1959
Date of Appointment :	10.11.2008
DIN No.:	01490695

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109DL2007PTC166082	MEGARON MARKETING SUPPORT PRIVATE LIMITED	Director	20-07-07	20-07-07	Strike off	NO
2	U74140MH2007PTC172309	MCI MANAGEMENT (INDIA) PRIVATE LIMITED	Additional director	10-11-08	10-11-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
MCI Group Holding SA, Switzerland	9990
Priti Khanna	5
Nisha Sharma	5
Total	10000

AS ON 26.09.2011

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.90
Directors or relatives of Directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject offers Performance Improvement Programmes, Creative Communication and Destination Management services.

GENERAL INFORMATION

Bankers :

Not Available

Banking Relations :	---
Auditors :
Name :	Serva Associates Chartered Accountants
Address :	901, Vikaram Tower, 16, Rajindra Place, New Delhi-11008, India
PAN No.:	AABFS5901R
Holding Company :	MCI Group Holding SA
Fellow Subsidiaries :	· MCI Middle East LLC · MCI Benelux SA · MCI Asia Pacific Pte Limited · MCI Suisse SA

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.374
4] (Accumulated Losses)		(3.561)	(1.613)	0.000
NETWORTH		(3.461)	(1.513)	0.474
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	4.000	0.000
TOTAL BORROWING		0.000	4.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.012	0.027
TOTAL		(3.461)	2.499	0.501
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.788	2.164	2.289
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.024	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	11.418	7.509	9.042
	Cash & Bank Balances	6.687	2.347	4.651
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.346	5.422	4.258
Total Current Assets		23.451	15.278	17.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.494	16.110	21.301
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		29.494	16.110	21.301
Net Current Assets		(6.043)	(0.832)	(3.350)
MISCELLANEOUS EXPENSES		0.770	1.167	1.562
TOTAL		(3.461)	2.499	0.501

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Event Receipt	78.426	56.229	41.711
		Other Income	0.019	(0.003)	0.128
		TOTAL (A)	78.445	56.226	41.839
Less	EXPENSES
		Event Expenses	61.684	42.604
		Administrative Expenses	2.841	2.714
		Maintenance Cost	0.199	0.412
		Rental Cost	5.973	5.497
		Salary and Staff Cost	0.000	0.000	36.816
		Personnel Cost	5.589	3.286
		Preliminary Cost	0.396	0.396
		Travelling Cost	0.945	0.608
		TOTAL (B)	77.627	55.517	36.816
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.818	0.709	5.023
Less	FINANCIAL EXPENSES (D)		0.063	0.107	0.092
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.755	0.602	4.931
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.450	0.514	0.377
	PROFIT BEFORE TAX (E-F) (G)		0.305	0.088	4.554
Less	TAX (H)		0.057	0.014	0.000
	PROFIT AFTER TAX (G-H) (I)		0.248	0.074	4.554

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.32	0.13	10.88
Net Profit Margin (PBT/Sales)	(%)	0.39	0.16	10.92
Return on Total Assets (PBT/Total Assets}	(%)	1.21	0.50	22.50
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.06)	9.61
Debt Equity Ratio (Total Liability/Networth)		(8.52)	(8.01)	44.99
Current Ratio (Current Asset/Current Liability)		0.80	0.95	0.84

LOCAL AGENCY FURTHER INFORMATION

Note: Registered office of the company has been shifted from 401, Everest Classic,, 390, V. P. Linking Road, Khar (West), Mumbai-400052, Maharashtra, India w.e.f. 20.11.2010

OPEARIONAL / FINANCIAL RESULTS :

During the financial year (2010-11), the turnover of the company increased to Rs 78.445 millions as compared to previous years Turnover of Rs 56.229 millions on increase of Rs 22.216 millions (approximately, 40%) which is very good achievement,

This enhancement of business was on account of some prestigious global events / conferences eg. India Live Trust, Asian Cancer Congress. Abott Healthcare and Godrej handled successfully by the Company which has taken the Company to new heights. The patronage of these global companies has increased the Goodwill of the Company in holding big conferences. The support from the director namely Ms. Priti Khanna and Mr. Cilfford and other Marketing and Operational staff is worth appreciating in holding these events.

Further the financial and back support from H. O. is also worth mentioning without whom these events could not be held successfully.

Though the turnover during the year increased by a good 40% however the profit increased from Rs. 8.700 Millions in previous year to Rs. 0.305 million during the year but it was not sufficient to take the Company out of reds.

As the Company was holding these Global events for the first time, the Company wanted to per an impact on foreign clients by holding these events successfully therefore the Company have to spent huge event and admin expenses. Further, the personnel / establishment cost, rental and travelling expenses have increased substantially which has affected the Net Profit / income of the Company.

Total expenses including depreciation were 78.140 Millions against the ‘Total Income of Rs. 78.445 Millions thus having Net Profit of Rs 0.305 Million before Taxation which has helped in reducing the carried forward losses.

It is worthwhile mentioning here that the directors with help from Geneva, H. O. have able to cultivate various new clients eg. Wipro, ACC, Jafra and Various other of whom various events/ projects are in pipeline for being implemented

They can assure all of that Company who is selling new heights will achieve its all targets set for it in the near future.

FIXED ASSETS

· Computers

· Furniture and Fixtures

· Office Equipments

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. 51.98
UK Pound	1	Rs. 80.58
Euro	1	Rs. 69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	---
--CREDIT LINES	1~10	---
--MARGINS	-5~5	---
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		11

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	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
-	NB	New Business	-

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.