MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Name :	ASK INVESTMENT HOLDINGS PRIVATE LIMITED (w.e.f. 30.10.2007)
Formerly Known As :	ASK INVESTMENT MANAGERS PRIVATE LIMITED (w.e.f.18.04.2007) ASK-RAYMOND JAMES SECURITIES PRIVATE LIMITED
Registered Office :	Bandbox House, 1st Floor, 254-D, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.03.1994
Com. Reg. No.:	11–77449
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U65990MH1994PTC077449
TAN No.: [Tax Deduction & Collection Account No.]	MUMA09119F
PAN No.: [Permanent Account No.]	AABCA2497H
Legal Form :	Private Limited Liability Company
Line of Business :	Financial Advisory and Support Services
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual 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.

INFORMATION PARTED BY

Name :	Mr. Himanshu Bohra
Designation :	Chief Executive Officer
Contact No.:	91-22-66460000
Date :	11.01.2011

LOCATIONS

Registered Office :	Bandbox House, 1st Floor, 254-D, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-66132800 / 66460000
Fax No.:	91-22-6613 2828
E-Mail :	akoticha@askgroup.in nshah@askgroup.com

DIRECTORS

AS ON 22.07.2010

Name :	Mr. Asit Kishore Koticha
Designation :	Director
Address :	B-31, Twin Towers, Prabhadevi, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	14.06.1958
Date of Appointment :	05.07.1994
DIN No.:	00034266

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1986PTC039038	Ask Investment And Financial Consultants Private Limited	Director	24-02-86	24-02-86	-	Amalgamated	NO
2	U74130MH1994PTC079059	Akk Equity Research Private Limited	Director	17-06-94	17-06-94	-	Amalgamated	NO
3	U67120MH1994PLC079080	ASK Interrmediaries Private Limited	Director	20-06-94	20-06-94	-	Active	YES
4	U65920MH1994PTC079440	JM Financial Institutional Securities Private Limited	Director	05-07-94	05-07-94	29-05-08	Active	NO
5	U65990MH1994PTC077449	Ask Investment Holdings Private Limited	Director	05-07-94	05-07-94	-	Active	NO
6	U67120MH1994PTC080051	ASK Arbitrage Private Limited	Director	03-08-94	03-08-94	-	Active	YES
7	U99999MH1996PTC098466	Proliferate Holdings Private Limited	Director	27-03-96	27-03-96	-	Dormant	NO
8	U65993MH2004PTC147890	ASK Investment Managers Private Limited	Director	09-08-04	09-08-04	-	Active	NO
9	L72900MH2000PLC123841	Aptech Limited	Director	29-06-06	28-10-05	-	Active	NO
10	U70101MH2006PTC162460	Trikala Realty Private Limited	Director	30-05-06	30-05-06	22-03-07	Active	NO
11	U67190MH2006PTC162465	Ask Wealth Advisors Private Limited	Director	30-05-06	30-05-06	-	Active	NO
12	U74140MH2007PTC168333	Ask Insurance Broking And Risk Management Services Private Limited	Director	05-03-07	05-03-07	-	Active	NO
13	U70102MH2007PTC169462	Blossom Realty Private Limited	Director	01-04-07	01-04-07	-	Active	NO
14	U74900MH2007PTC169417	AKK Financial Advisory Services Private Limited	Director	29-08-08	12-11-07	-	Active	NO
15	U93020MH2006PTC166309	Jcb Salons Private Limited	Director	10-12-07	10-12-07	-	Active	NO
16	U74900MH2007PTC169295	ASK Securities Advisory Services Private Limited	Director	25-09-09	24-10-08	-	Active	NO
17	U85100MH2007PTC175882	FRIN Beauty Private Limited	Director	30-12-08	17-11-08	-	Active	NO
18	U74140MH2009PTC189703	Ask Property Investment Advisors Private Limited	Director	19-01-09	19-01-09	-	Active	NO
19	U45400MH2007PTC169416	Pashmina Buildcon Private Limited	Additional director	05-01-10	05-01-10	29-03-10	Active	NO
20	U70102MH2010PTC199927	ASK Infrastructure Private Limited	Director	10-02-10	10-02-10	-	Active	NO
21	U70101MH2010PTC200625	Ask Property Advisory Services Private Limited	Director	08-03-10	08-03-10	-	Active	NO
22	U74900MH2011PTC221467	Ask Pravi Capital Advisors Private Limited	Director	30-08-11	30-08-11	-	Active	NO

Name :	Mr. Sameer Kishore Koticha
Designation :	Director
Address :	702, Shilpa Apartment, 968, S.G. Marg, Prabhadevi, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	27.07.1961
Date of Appointment :	05.07.1994
DIN No.:	00075145

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1986PTC039038	Ask Investment And Financial Consultants Private Limited	Director	24-02-86	24-02-86	-	Amalgamated	NO
2	U67190MH1994PTC079020	SKK Finvest Private Limited	Director	16-06-94	16-06-94	-	Amalgamated	NO
3	U67120MH1994PLC079080	ASK Interrmediaries Private Limited	Director	20-06-94	20-06-94	-	Active	YES
4	U65920MH1994PTC079440	JM Financial Institutional Securities Private Limited	Director	05-07-94	05-07-94	04-03-08	Active	NO
5	U65990MH1994PTC077449	Ask Investment Holdings Private Limited	Director	05-07-94	05-07-94	-	Active	NO
6	U67120MH1994PTC080051	ASK Arbitrage Private Limited	Director	03-08-94	03-08-94	-	Active	YES
7	U99999MH1996PTC098466	Proliferate Holdings Private Limited	Director	27-03-96	27-03-96	-	Dormant	NO
8	U65993MH2004PTC147890	ASK Investment Managers Private Limited	Director	09-08-04	09-08-04	-	Active	NO
9	U67190MH2006PTC162465	Ask Wealth Advisors Private Limited	Director	30-05-06	30-05-06	-	Active	NO
10	U74140MH2007PTC168333	Ask Insurance Broking And Risk Management Services Private Limited	Director	05-03-07	05-03-07	-	Active	NO
11	U74900MH2007PTC169295	ASK Securities Advisory Services Private Limited	Director	25-09-09	24-10-08	-	Active	NO
12	U74900MH2007PTC172302	SKK Financial Advisory Services Private Limited	Director	25-09-09	24-10-08	-	Active	NO
13	U74140MH2009PTC189703	Ask Property Investment Advisors Private Limited	Director	19-01-09	19-01-09	-	Active	NO
14	U70102MH2010PTC199927	ASK Infrastructure Private Limited	Director	10-02-10	10-02-10	-	Active	NO
15	U70101MH2010PTC200625	Ask Property Advisory Services Private Limited	Director	08-03-10	08-03-10	-	Active	NO

Name :	Mr. Bharat Chimanlal Shah
Designation :	Director
Address :	402, Rushab, Plot No.171, Off 8^th and 10^th Road, Khar (West), Mumbai – 400 052, Mahashatra, India
Date of Birth/Age :	26.01.1960
Date of Appointment :	15.11.2003
DIN No.:	00312394

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	U65990MH1994PTC077449	Ask Investment Holdings Private Limited	Director	15-11-03	15-11-03	Active	NO
2	U65993MH2004PTC147890	ASK Investment Managers Private Limited	Director	25-09-09	24-03-08	Active	NO

Name :	Mr. Sunil Gangadhar Rohokale
Designation :	Director
Address :	203, 2^nd Floor, Gomantashram, Chittaranjan Road, Vile Parle East Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	10.06.1970
Date of Appointment :	24.10.2008
DIN No.:	01896946

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65922MH1999PLC120106	ICICI Home Finance Company Limited	Managing director	30-07-08	05-11-07	30-08-08	Active	NO
2	U65990MH1994PTC077449	Ask Investment Holdings Private Limited	Director	24-10-08	24-10-08	-	Active	NO
3	U74140MH2009PTC189703	Ask Property Investment Advisors Private Limited	Director	25-09-09	04-05-09	-	Active	NO
4	U70102MH2010PTC199927	Ask Infrastructure Private Limited	Director	10-02-10	10-02-10	-	Active	NO
5	U74900MH2011PTC221467	Ask Pravi Capital Advisors Private Limited	Additional director	10-09-11	10-09-11	-	Active	NO

Name :	Mr. Mukarram Saifuddin Bhagat
Designation :	Director
Address :	D 711/712, Manju Mahal, Pali Hill Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	03.11.1955
Date of Appointment :	24.10.2008
DIN No.:	00312546

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65920MH1994PTC079440	JM Financial Institutional Securities Private Limited	Director	12-09-07	02-04-07	11-08-08	Active	NO
2	U93020MH2006PTC166309	JCB Salons Private Limited	Director	10-12-07	10-12-07	-	Active	NO
3	U65990MH1994PTC077449	Ask Investment Holdings Private Limited	Director	24-10-08	24-10-08	-	Active	NO
4	U85100MH2007PTC175882	Frin Beauty Private Limited	Director	30-12-08	17-11-08	-	Active	NO
5	U45400MH2007PTC169297	Shambhavi Realty Private Limited	Director	25-01-11	25-01-11	-	Active	NO
6	U74900MH2011PTC221467	Ask Pravi Capital Advisors Private Limited	Additional director	10-09-11	10-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Himanshu Bohra
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.07.2010

Names of Shareholders	No. of Shares
Asit K. Koticha	6000
Sameer K. Koticha	4000
Total	10000

AS ON 17.04.2011

Names of Allottees	No. of Shares
Asit K. Koticha	600000
Sameer K. Koticha	400000
Total	1000000

AS ON 22.07.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Financial Advisory and Support Services
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

· Company’s

No. of Employees :

50 (Approximately)

Bankers :

· Kotak Mahindra Bank

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan from Kotak Mahindra Bank (Secured against hypothecation charge over two Motor Car) (Amount repayable within one year Rs. 3.068 millions (Previous Year Rs.2.773 millions))	9.170	11.943
Total	9.170	11.943
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other Loans and Advances
Term Loan from HDFC Bank Limited (The Office Premises at first floor Band Box House, Worli, jointly owned by a subsidiary and one of the group company has been offered as security) (Amount repayable within one year Rs.18.249 millions (P. y. Rs. 18.548 millions))	160.484	178.540
From other than Banks (From Directors)	787.594	291.000
Total	948.078	469.540

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Worli, Mumbai – 400 013, Maharashtra, India
Pan No.:	AADFD2337G
Tel No.:	91-22-66679000
Fax No.:	91-22-66679100
Subsidiaries :	· ASK Wealth Advisors Private Limited CIN No: U67190MH2006PTC162465 · ASK Property Investment Advisors Private Limited CIN No.: U74140MH2009PTC189703 · ASK Insurance Broking and Risk Management Services Private Limited CIN No.: U74140MH2007PTC168333 · ASK Property Advisory Services Private Limited (w.e.f. 18.03.2010) CIN No.: U7010MH2010PTC200625 · ASK Trusteeship Services Private Limited CIN No.: U74900MH2010PTC203657 · ASK Investment Managers Private Limited CIN No.: U65993MH2004PTC147890

CAPITAL STRUCTURE

AS ON 05.09.2011

Authorised Capital : Rs. 50.010 Millions

Issued, Subscribed & Paid-up Capital : Rs. 10.727 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.10/- each	Rs. 47.500 Millions
251000	Preference Shares	Rs.10/- each	Rs. 2.510 Millions
	Total		Rs. 50.010 Millions

Issued, Subscribed & Paid-up Capital :

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

Note: * 6000 Equity shares are held by Asit Koticha and 4000 equity shares are held by Sameer Koticha.

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	0.400
2] Share Application Money		28.462	0.000	0.000
3] Reserves & Surplus		257.660	256.727	243.982
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		286.222	256.827	244.382
LOAN FUNDS
1] Secured Loans		9.170	11.943	6.345
2] Unsecured Loans		948.078	469.540	7.500
TOTAL BORROWING		957.248	481.483	13.845
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1243.470	738.310	258.227
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.157	31.988	15.286
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		70.074	69.974	68.950
DEFERREX TAX ASSETS		0.328	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	167.446	55.015	0.000
	Cash & Bank Balances	0.461	0.371	2.352
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1052.841	657.274	490.365
Total Current Assets		1220.748	712.660	492.717
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.392	63.195	313.266
	Other Current Liabilities	42.684	11.439	3.179
	Provisions	3.761	1.678	2.281
Total Current Liabilities		73.837	76.312	318.726
Net Current Assets		1146.911	636.348	173.991
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1243.470	738.310	258.227

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	255.884	NA	0.415
		Other Income
		TOTAL	255.884	NA	0.415
Less	EXPENSES
		Office Expenses
		Administrative Expenses	245.708	NA	15.203
		Advertising Expenses
		TOTAL	245.708	NA	15.203
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.176	22.611	(14.788)
Less/ Add	DEPRECIATION/ AMORTISATION		8.671	8.028	4.116
	PROFIT / (LOSS) BEFORE TAX		1.505	14.583	(18.904)
Less	TAX		0.572	2.400	2.449
	PROFIT / (LOSS) AFTER TAX		0.933	12.183	(21.353)
	Earnings Per Share (Rs.)		93.33	1274.44	(6.01)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.36	NA	(5145.30)
Return on Total Assets (PBT/Total Assets}	(%)	0.12	1.96	(3.72)
Return on Investment (ROI) (PBT/Networth)		0.01	0.06	(0.08)
Debt Equity Ratio (Total Liability/Networth)		3.60	2.17	1.36
Current Ratio (Current Asset/Current Liability)		16.53	9.34	1.55

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Due to Micro and small enterprises	0.009	0.000	0.000
Due to Others	27.383	63.195	313.266
Total	27.392	63.195	313.266

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	No
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	-----
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	No
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	No
21. Market information	-----
22. Litigations that the firm / promoter involved	-----
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	-----
26. Buyer visit details	-----
27. Financials, if provided	No
28. Incorporation details, if applicable	-----
29. Last accounts filed at ROC	-----
30. Major Shareholders, if available	-----

FINANCIAL HIGHLIGHTS

During the year the company has made a net profit after taxation of Rs. 0.933 million as compared to net profit of Rs. 12.183 millions in the previous year.

FUTHURE OUTLOOK OF THE COMPANY

Markets ended the financial year 2010–11 on a positive note with the Nifty posting a return of 11% during the period aided by the continued confidence of foreign investors in India. The FII flows for the year were to the tune of USD 24.3 bn largely aided by the quantitative easing in the US that led to plentiful influx of capital into markets

across the world. Oil prices witnessed hardening amid the political trouble in various Middle East countries with the Brent Crude posting a 35% surge during the year. The stiff oil prices worsened the domestic inflation scenario leading the RBI to pursue hawkish interest rate policy throughout the year, which has been impacting the overall economic growth. Though, domestic GDP growth though has shown a trend of slowdown, the Indian growth rate remains one of the strong in the world economy.

Among other negatives, several scam related news came as a shock to investors during the year, right from the corruption surrounding the Commonwealth games, the CAG report on the 2G auctions, the CBI raids relating to the housing loan scam and arrests of major politicians.

Globally Europe faced head-winds as many Eurozone economies including Greece, Spain and Portugal suffering from high fiscal deficits and large external borrowings raised fears default in their debt payments. The debt crisis had been mostly centered on recent events in Greece, where there is concern about the rising cost of financing government debt. Global market indices overall showed a positive trend with Russian RTS, Thailand SET and Korean Kospi posting returns in the range of 24 to 33%. German DAX, Dow Jones, Hang Seng, Taiwan Taiex, FTSE and Singapore Straits Times were the other indices that ended on a strong note. On the other hand, Japanese Nikkei, Brazil Bovespa and Shanghai Composite ended on a negative note.

Their AUM remained flat during the year as the overall environment remained challenging for mobilizing fresh assets. The implementation of an over-arching investment framework and strict adherence to the same contributed to a disciplined but robust growth during the year. Portfolio performance also came back strongly and

all this has set the tone for a stronger 2011-12 where expectations are of a continued strong growth of AUM and portfolio performances.

The offshore book continued to remain robust at 55% of the total AUM. Again, continuing the earlier trend, the character and quality of the firm’s assets continue to be the best in the business. During the year, they repositioned their Life Portfolio as a portfolio of companies which have demonstrated superior capital efficiency, are run by highly reputed managements, are least capital intensive and have proven business models. They also launched a new series of the Indian Entrepreneur Portfolio (IEP) with its unique investment proposition of identifying good growth opportunities amongst firms led by Indian Entrepreneurs. During the year, IEP strategy had already collected a very encouraging net inflow of Rs.1380.000 millions besides delivering on its mandate of good performance.

As the US and Euro markets grapple with subdued growth and high deficits, it will be a while before their markets become attractive for investors globally. India with its high growth, healthy population demographics, low vulnerability to global contagions and consumption demand driven domestic economy is well positioned for a stellar performance. The ongoing growth momentum validates that India is relatively immune to a major slow down in the EU region as export to the region accounts for only about 3% of Indian GDP, significantly lower than other economies in the region.

On the macro-economic front, inflation has been a major concern for policy makers for some time now with RBI battling hard, hiking interest rates on multiple instances during the previous year. Global crude oil prices remain a key risk to the economy and markets and rise from current levels can limit any upward move for the domestic equity indices. Overall, they are confident of a 7% plus GDP growth over 2011-12, on the back of a pickup in manufacturing as well as continued momentum in the services and agricultural segment.

In the year 2010-11, ASK Wealth Advisors Private Limited, their financial planning and wealth advisory business has grown at a steady pace and continues to deliver commendable performance in highly competitive and challenging markets. Focus on UHNI segment offering them complete family office services and building the strength and capabilities of their teams is an essential component of their strategy to becoming India’s most respected financial planning company.

In 2010- 2011, they achieved the following milestones:

1. Aligning their client segment strategy to their long term vision for HNI and UHNI segment. They strengthened their PWA (5 crore and above) and Family office segment (50 crore and above) by actively building on quality FAs, product and Strategic Solutions-FO platform. They have also reduced their time and resources for FPG segment of clients (below 2 crores) by mapping them to client service team.

2. They made significant progress in spreading their fee based advisory services to clients

3. Formulated an action plan to cut cost by relocating to smaller branch offices as well as rationalising team size as per client segment focus.

4. Achieved a milestone of collecting more than 300 crores in ASK’s sister company (ASK PIA) RE fund.

5. Diversified product basket and platform by tying up with multiple asset managers/products

6. Aggressive and responsible growth of their business- their AUM increased from Rs. 20000.000 millions in March 2010 to Rs. 33500.000 millions ( including Liquid AUM in March 2011)

7. Their Client Base as on March 2010 was 970+ families

From a macro economic perspective, the environment remains very uncertain and investment research and product recommendation has been challenging task. In majority of their recommended products they have been able to outperform respective benchmarks and their recommended asset classes have shown remarkable resilience and growth over the year. This has been hallmark of their success journey and continues to be their key differentiating factor compared to competition.

In year 2011- 2012, they propose to increase their focus towards deepening “Quality Relationships” with clientele of Private Wealth Advisory (PWA) and Family Office (FO) group and achieving “Quality Growth”.

Work towards improving client reporting has gathered momentum over than last couple of quarters. They intend to continue their focus towards that and culminate the same in this year by making significant enhancements in their client reporting. The other focus area will be to further improve the quality of advisors both through training as well as direct hiring of seasoned advisors from the market.

In the year 2010-11, The Companies Insurance Broking and Risk Management business has grown at a steady pace and continues to deliver commendable performance in both competitive and challenging markets. Building the strength and capabilities of their teams is an essential component of their strategy.

In 2010-11, ASK Insurance Broking and Risk Management achieved the following milestones:

1. Aggressive and responsible growth of their business- their total premium collection stood at Rs. 177.300 millions in 2010-11

2. Set standards in Client servicing with high levels of persistency

Their product research and recommendation methodology has been well received by clients and the review methodology has made its mark in positioning their unbiased risk advisory proposition to the clients.

In year 2011-2012, they propose to continue their focus towards the Corporate Insurance business specifically in areas of Employee benefits like Group Mediclaim, Group personal accident etc., Liability insurance like Directors and Officers liability, professional indemnity and asset insurance.

Accordingly they plan to consolidate their presence in Risk Advisory business by refocusing the target segment to corporate clients while continuing to address specific needs of HNI clients like legacy planning, protection and long term savings through insurance. Accordingly, they would economize their team size of Insurance specialists.

The key focus areas for 2011-2012 are:

* New Acquisition and deepening of existing client relationships

* Focus on Corporate General Insurance

* Focusing on long term traditional products in the life insurance space

* Focusing on devising a strong product platform to serve the long term savings needs of clients

* Using the technology platform to further their client servicing proposition

This was the second full year of ASK Property Advisory Services Private Limited operations followed by the successful close of their advisory mandate to Real Estate PMS and launch of their Real Estate domestic venture capital fund (DVCF).

Their real estate PMS fund has been committed to the extent of 80% by the year ended March 2011. Given the increasing demand by real estate companies for private equity, they envisage that they will come across many investment opportunities and thus expect to commit the balance fund in the coming year.

Their efforts to raise the DVCF are in the right direction and they expect to announce an initial close in the first quarter of FY 2010-11. The coming year is expected to be dynamic and challenging on the real estate investing front. They believe that with their strategy of clear focus on capital protection and concentration on risk management and asset management, they will be able to generate superior risk adjusted returns for their investors and thus enhance their profitability. They continue to keep capacity development and improving investor

communication as their focal points.

CONTINGENT LIABILITY

Particulars	As on 31.03.2011 (Rs. in millions)
Uncalled liability on 9240000 equity shares partly paid of Rs.10/- per share of ASK Property Investment Advisors Private Limited	91.476

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	80031910
Corporate identity number of the company	U65990MH1994PTC077449
Name of the company	ASK INVESTMENT HOLDINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Bandbox House, Mbers 254 D, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: gumpena.satyanaryana@hdfcbank.com CIN No: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Partial satisfaction of charge by Rs.50.000 Millions Overdraft facility of Rs.50.000 Millions discounted/satisfied
Date of instrument Creating the charge	09.06.2009
Amount secured by the charge	Rs.52.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest may be stipulated by bank from time to time Terms of Repayment On Demand Margin As may be stipulated by bank from time to time Extent and Operation of the charge First and exclusive charge on immovable properties as security for repayment of Term Loan of Rs.52.500 Millions granted by the bank to the company
Short particulars of the property charged	Entire 1^st floor premises admeasuring 12,980 sq.ft built up or thereabouts (the said 1^st floor) in the building known as “Band Box House” Worli Estate, Mumbai constructed upon the leasehold land (B) below alongwith undivided 1/5^th right title and interest in all that piece and parcel of land or ground
Date of latest modification prior to the present modification	11.05.2007
Particulars of the present modification	Charge on existing security for repayment of Term Loan of Rs.52.500 millions granted to ASK Investment Holdings Private Limited. Total facilities Rs.52.500 millions are secured by charge on the property

TRADE REFERENCE:

· ASK Group

FIXED ASSETS

· Leasehold Improvements

· Furniture and Fixtures

· Computer Hardware

· Office Equipment

· Motor Cars

· 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	Indian Rupees
US Dollar	1	Rs. 49.03
UK Pound	1	Rs. 76.59
Euro	1	Rs. 66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.