MIRA INFORM REPORT

Report Date :

30.08.2012

IDENTIFICATION DETAILS

Name :	ENAM SECURITIES PRIVATE LIMITED (w.e.f. 20.07.2007)
Formerly Known As :	ENAM SHARES AND SECURITIES PRIVATE LIMITED
Registered Office :	24, BD, Rajabahadur Compound, Ambalal Doshi Marg, Fort, Mumbai-400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.03.2005
Com. Reg. No.:	11-152297
Capital Investment / Paid-up Capital :	Rs.24.180 Millions
CIN No.: [Company Identification No.]	U67120MH2005PTC152297
TAN No.: [Tax Deduction & Collection Account No.]	MUME06934E
PAN No.: [Permanent Account No.]	AABCE6756F
Legal Form :	Private Limited Liability Company
Line of Business :	Stock Broking. Merchant Banking Company.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established and a reputed stock broking company having good track. Financial position of the company is 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Short term rating = A1+
Rating Explanation	Having very strong degree of safety regarding timely payment of financial obligation it carry lowest credit risk
Date	Jan, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	24, BD, Rajabahadur Compound, Ambalal Doshi Marg, Fort, Mumbai - 400023, Maharashtra, India
Tel. No.:	91-22-22653591
Fax No.:	91-22-22653593
E-Mail :	enamsecclaw@enam.com
Website :	http://www.enam.com
IT Department :	A-211, Dalamal Tower, Mumbai - 400021, Maharashtra, India
Corporate Office / Equity Broking/Sales / Equity Research Investment Banking  & Advisory / :	Axis House, Level 1, C Wing, C-2 Wadia International Centre, P. B. Marg, Worli, Mumbai – 400025, Maharashtra, India
Distribution :	Khatau Bldg., 2nd Floor 44, Bank Street,  Shahid Bhagat Singh Road, Fort Mumbai - 400 023, Maharashtra, India
Branch Office :	Located At Bangalore  Chennai Delhi Hyderabad Jetpur   Kolkata  Pune Rajkot Vadodara

DIRECTORS

As on 30.09.2011

Name :

Mr. Vallabh Roopchand Bhanshali

Designation :

Director

Address :

12, Laxmi Vilas, 87, Nepean Sea Road, Mumbai -400006, Maharashtra, India

Date of Birth/Age :

04.03.1951

Date of Appointment :

30.03.2005

Din No.:

00184775

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120MH1984PTC033151	ENAM FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	15/06/1984	15/06/1984	-	Active	NO
2	U74140MH1986PTC040120	REEMA BUSINESS SERVICES PRIVATE LIMITED	Director	21/01/1993	21/01/1993	30/12/2010	Active	NO
3	U67120MH1997PTC112542	BHANSHALI STOCK BROKERS PRIVATE LIMITED	Director	18/12/1997	18/12/1997	-	Active	NO
4	U25209MH1994PTC077596	INDORE COMPOSITE PRIVATE LIMITED	Director	1/4/2002	1/4/2002	-	Active	NO
5	U74990MH2002GAP137795	SECURITIES INDUSTRY ASSOCIATION OF INDIA	Director	7/11/2002	7/11/2002	15/09/2010	Active	NO
6	U67120MH2005PTC152297	ENAM SECURITIES PRIVATE LIMITED.	Director	30/03/2005	30/03/2005	-	Active	NO
7	L22300MH1990PLC056397	CREST ANIMATION STUDIOS LIMITED	Director	29/09/2006	30/07/2005	31/10/2008	Active	NO
8	U67190MH2005PTC154781	INDIAREIT Fund Advisors Private Limited	Director	8/8/2005	8/8/2005	-	Active	NO
9	U92100MH1989PLC051768	MAYA ENTERTAINMENT LIMITED	Director	13/01/2006	13/01/2006	23/04/2010	Active	NO
10	U74992MH2006PTC163204	ENAM SECURITIES DIRECT PRIVATE LIMITED	Director	21/07/2006	21/07/2006	-	Active	NO
11	U80211PN2004NPL019964	FOUNDATION FOR LIBERAL AND MANAGEMENT EDUCATION	Director	12/12/2006	12/12/2006	-	Active	NO
12	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
13	U74999MH2011PTC219192	SUROOP FINVEST PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO

Name :

Mr. Nemish Shantilal Shah

Designation :

Director

Address :

244, Sudarshan Building, 1^st Floor, Opposite Mata Laxmi Park, Mumbai - 400022, Maharashtra, India

Date of Birth/Age :

17.10.1958

Date of Appointment :

30.03.2005

Din No.:

00198748

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U33120MH1986PTC041260	ADVANCE COMPUFLOW PRIVATE LIMITED	Director	19/12/1990	19/12/1990	-	Active	NO
2	U65990MH1991PTC061305	ENAM SHARES AND SECURITIES PRIVATE LIMITED	Director	19/04/1991	19/04/1991	-	Active	NO
3	U65990MH1994PTC081557	NIRMIT FINVEST AND PROPERTY PRIVATE LIMITED	Director	29/09/1994	29/09/1994	-	Amalgamated	NO
4	U67120MH2005PTC152297	ENAM SECURITIES PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
5	U80211PN2004NPL019964	FOUNDATION FOR LIBERAL AND MANAGEMENT EDUCATION	Director	12/12/2006	12/12/2006	-	Active	NO
6	U67120MH2007PTC170650	ENAM HOLDINGS PRIVATE LIMITED	Director	7/5/2007	7/5/2007	-	Active	NO
7	U93000MH2010PTC199627	ENAM INFRASTRUCTURE TRUSTEESHIP SERVICES PRIVATE LIMITED	Director	3/2/2010	3/2/2010	19/07/2010	Active	NO

Name :

Mr. Jagdish Naresh Master

Designation :

Director

Address :

14, Laxmi Niwas, Church Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

21.07.1969

Date of Appointment :

15.11.2006

Din No.:

00202500

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140MH1986PTC040120	REEMA BUSINESS SERVICES PRIVATE LIMITED	Director	23/01/1993	23/01/1993	30/12/2010	Active	NO
2	U67120MH1993PTC070513	ONE-UP FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	25/01/1993	25/01/1993	-	Active	NO
3	U67190MH1993PTC070512	DEEP FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	25/01/1993	25/01/1993	-	Active	NO
4	U67120MH1984PTC033151	ENAM FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	8/7/2002	8/7/2002	-	Active	NO
5	U67120MH2005PTC152297	ENAM SECURITIES PRIVATE LIMITED.	Director	15/11/2006	15/11/2006	-	Active	NO

Name :

Mr. Manish Balkishan Chokhani

Designation :

Director

Address :

161, Silver Arch, Petit Hall, Compound 66, L Jagmohandas Road, Nepean Sea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

14.10.1986

Date of Appointment :

15.11.2006

Din No.:

00204011

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21010MH1983PTC030754	SEARS CONSULTANTS PRIVATE LIMITED	Director	25/04/1991	25/04/1991	26/09/2009	Active	NO
2	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Additional director	30/03/2012	23/11/2001	-	Active	NO
3	U65990MH1991PTC061305	ENAM SHARES AND SECURITIES PRIVATE LIMITED	Director	1/7/2002	1/7/2002	-	Active	NO
4	U67120MH2005PTC152297	ENAM SECURITIES PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
5	U65990MH1993PTC070311	ALLIANCE HOLDINGS PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
6	U67120MH1993PTC070287	SEARS SECURITIES AND INVESTMENTS PRIVATE LIMITED	Additional director	8/3/2010	8/3/2010	-	Active	NO

Name :

Mr. Vikas Harilal Mapara

Designation :

Director

Address :

8/7, Satram Society, Devi Dayal Road, Mulund (West), Mumbai - 400080, Maharashtra, India

Date of Birth/Age :

20.01.1964

Date of Appointment :

15.11.2006

Din No.:

00211580

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45202MH1991PTC064316	SANJOG ESTATES PRIVATE LIMITED	Director	3/12/1992	3/12/1992	3/3/2008	Active	NO
2	U65990MH1991PTC061305	ENAM SHARES AND SECURITIES PRIVATE LIMITED	Director	29/03/1997	29/03/1997	-	Active	NO
3	L67120MH1979PLC022039	SHREENATH INVESTMENT COMPANY LIMITED	Director	21/06/1999	21/06/1999	-	Active	NO
4	U65990MH1994PTC081557	NIRMIT FINVEST AND PROPERTY PRIVATE LIMITED	Director	15/01/2001	15/01/2001	-	Amalgamated	NO
5	U13100MH2006PTC162987	EAGLE MINING AND EXPLORATION PRIVATE LIMITED	Director	7/7/2006	7/7/2006	20/07/2009	Active	NO
6	U13100MH2006PTC162982	ALKAN MINING AND EXPLORATION PRIVATE LIMITED	Director	7/7/2006	7/7/2006	16/10/2009	Active	NO
7	U14292MH2006PTC163074	GOLDRAYS MINING AND EXPLORATION PRIVATE LIMITED	Director	13/07/2006	13/07/2006	20/07/2009	Active	NO
8	U67120MH2005PTC152297	ENAM SECURITIES PRIVATE LIMITED.	Director	15/11/2006	15/11/2006	-	Active	NO
9	U74900MH2007PTC173761	VA FRIENDSHIP SOLAR PARK PRIVATE LIMITED	Additional director	26/02/2010	26/02/2010	-	Active	NO
10	U40106MH2010PTC206631	VISUAL PERCEPT SOLAR PROJECTS PRIVATE LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO
11	U74140MH1986PTC040120	REEMA BUSINESS SERVICES PRIVATE LIMITED	Director	27/12/2010	27/12/2010	-	Active	NO
12	U40103MH2011PTC214454	AMITY SOLAR POWER PARK PRIVATE LIMITED	Director	7/3/2011	7/3/2011	-	Active	NO
13	AAA-8122	ADIMAN FINANCE CONSULTANTS LLP	Body corporate as Designated Partner	27/02/2012	27/02/2012	-	Active	NO
14	AAA-8778	PANSHUL CONSULTANTS LLP	Body corporate as Designated Partner	13/04/2012	13/04/2012	-	Active	NO
15	AAA-8788	PRISACH CONSULTANTS LLP	Body corporate as Designated Partner	13/04/2012	13/04/2012	-	Active	NO
16	AAA-8963	AABH CONSULTANTS LLP	Body corporate as Designated Partner	26/04/2012	26/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Natarajan M. Iyer
Designation :	Secretary
Address :	Plot No. 72, Flat 01, Bal Murli CHS, Chheda Nagar, Mumbai - 400071, Maharashtra, India
Date of Appointment :	11.06.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vallabh Roopchand Bhanshali 12, Laxmi Villas, 87, Nepeanse Road, Mumbai – 400006, Maharashtra, India	5000
Nemish Shantilal Shah 244, Sudarshan, 1^st Floor, Sion (East), Mumbai – 400022, Maharashtra, India	5000
Vallabh Roopchand Bhanshali 12, Laxmi Villas, 87, Nepeanse Road, Mumbai – 400006, Maharashtra, India	1000
Nemish Shantilal Shah 244, Sudarshan, 1^st Floor, Sion (East), Mumbai – 400022, Maharashtra, India	250
Lata Manek Bhanshali 12, Laxmi Villas, 87, Nepeanse Road, Mumbai – 400006, Maharashtra, India	1050
Rekha Shah 244, Sudarshan, 1^st Floor, Sion (East), Mumbai – 400022, Maharashtra, India	249000
Krutarth N. Shah 244, Sudarshan, 1^st Floor, Sion (East), Mumbai – 400022, Maharashtra, India	1750
Advance Compuflow Private Limited, India 244, Sudarshan, 1^st Floor, Sion (East), Mumbai – 400022, Maharashtra, India	249000
Enam Investment Services Private Limited, India 17/19, Khatau Balding, 44, Bank Street, 2^nd Floor, Off Shahid Bhagat Singh Marg, Fort, Mumbai – 400023, Maharashtra, India	249500
Talma Chemical Industries Private Limited, India 17/19, Khatau Balding, 44, Bank Street, 2^nd Floor, Off Shahid Bhagat Singh Marg, Fort, Mumbai – 400023, Maharashtra, India	248450
Nemish Shantilal Shah 244, Sudarshan, 1^st Floor, Sion (East), Mumbai – 400022, Maharashtra, India	422000
Lata Manek Bhanshali 12, Laxmi Villas, 87, Nepeanse Road, Mumbai – 400006, Maharashtra, India	422000
Jagdish Master Demat A/C	370600
Manish Balkishan Chokhani Demat A/C	193400
Total	2418000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	30.89
Directors or relatives of Directors	69.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Stock Broking. Merchant Banking Company.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Khimji Kunverji and Company Chartered Accountants
Address :	52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai-400001, Maharashtra, India
Pan No.:	AAAFK1142M
Subsidiaries :	Enam Securities Direct Private Limited, India (ESDPL) CIN No.: U74992MH2006PTC163204 Enam Finance Private Limited, India (EFPL) CIN No.: U65921MH1995PTC212675 Enam International Limited, United Arab Emirates (EIL) Enam Securities Europe Limited, United Kingdom (ESEL)
Related Companies:	Enam Asset Management Company Private Limited (EAMCPL) Enam Shares and Securities Private Limited (ESSPL) Enam Holdings Private Limited (EHPL) Nemish Shah (HUF) Enam Financial Consultants Private Limited (EFCPL) Reema Business Services Private Limited (RBSPL) Sudarshan Securities Private Limited (SSPL) Advance Compuflow Private Limited (ACPL) Aadi Financial Advisors LLP

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions
250000	Preferences Shares	Rs.100/- each	Rs.25.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2418000	Equity Shares	Rs.10/- each	Rs.24.180 Millions

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		24.180	24.180	24.180
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3637.688	3027.853	2520.938
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3661.868	3052.033	2545.118
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3661.868	3052.033	2545.118
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.648	58.064	55.579
Capital work-in-progress		2.257	0.000	0.000
INVESTMENT		2366.593	1873.171	1106.090
DEFERREX TAX ASSETS		12.776	0.038	1.494
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.971	3.892	61.895
	Sundry Debtors	3358.682	2597.199	1035.010
	Cash & Bank Balances	1239.882	936.111	1196.329
	Other Current Assets	56.402	18.957	0.000
	Loans & Advances	2329.999	1917.791	1614.569
Total Current Assets		7019.936	5473.950	3907.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3151.865	2267.538	1136.114
	Other Current Liabilities	350.411	423.450	77.257
	Provisions	2283.066	1662.202	1312.477
Total Current Liabilities		5785.342	4353.190	2525.848
Net Current Assets		1234.594	1120.760	1381.955
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3661.868	3052.033	2545.118

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2873.006	2496.729	1845.105
		Other Income
		TOTAL	2873.006	2496.729	1845.105
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1653.080	1648.291	1216.931
		Advertising Expenses
		TOTAL	1653.080	1648.291	1216.931
	PROFIT BEFORE TAX		1219.926	848.438	628.174
Less	TAX		385.833	341.523	236.551
	PROFIT AFTER TAX		834.093	506.915	391.623
	Earnings Per Share (Rs.)		345	210	162

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	29.03	20.30	21.22
Return on Total Assets (PBT/Total Assets}	(%)	17.27	15.34	15.85
Return on Investment (ROI) (PBT/Networth)		0.33	0.28	0.25
Debt Equity Ratio (Total Liability/Networth)		1.57	1.43	0.99
Current Ratio (Current Asset/Current Liability)		1.21	1.26	1.55

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS OVERVIEW AND REVIEW OF OPERATIONS

The Indian capital markets witnessed robust activity in the first half of FY 2011. There were large public sector issues like Coal India and MOIL. These issues also created a positive trend in the market. However there were set backs in the later part of the year and there was hardly any activity in the last quarter of the year.

The Company’s Merchant banking division handled 14 Equity issues during the year. Issue size handled were about 52% of the total issue size during the fiscal year. Issues handled were Coal India, Indosolar Limited, Claris Life science Limited, Prestige Estates Projects Limited, among others. The Company managed QIP issues for Mannapuram General Finance and Leasing Limited, Shoppers Stop Limited, and Adani Enterprise among others. The Merger assignment for Ultratech Cement was also handled by the division.

Institutional broking activity maintained its performance in the year 2010-11. It continued to grow its client base and helped them to achieve their objectives by providing the best in house research reports and guidance. The research team is supported by a team of 32 professionals and covers over 200 companies across 17 sectors representing 78% of market capitalization of BSE 500.

The Company’s market share in distribution of IPO was 13.88% and it ranked 4th as per the research report provided by Prime. The Mutual Fund team has been performing well and has achieved an AUM of Rs.135350.000 Millions.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

Rs. In Millions

Particular	31.03.2011	31.03.2010
(A) Claims against the company not acknowledged as debts	2.831	4.822
(B) Claims against the company not acknowledged as debts
- For Income Tax	4.272	13.708
- For Service Tax	1.862	1.861
- For Property Tax	4.100	3.027
(C) Corporate Guarantee given for bank gurantee availed by subsidiary	440.000	560.000
(D) Corporate Guarantee given for availing loan facility for subsidiary	15000.000	15000.000

FIXED ASSETS

• Office Equipments
• Computer Equipments
• Furniture Fixtures
• Motor Vehicles

AS PER WEBSITE

AXIS BANK SNAPS UP ENAM IN RS 20670.000 MILLIONS SHARE SWAP DEAL

Subject, one of the top three investment bankers on Dalal Street, has come under the fold of Axis Bank. The board of directors of Axis Bank and privately-held subject - promoted by Vallabh Bhansali and others — have agreed to combine their investment banking and equities business in a share swap deal worth Rs 20670.000 Millions.

As part of the deal, Enam Securities — which was set up in 1984 as a financial services provider — will demerge its investment banking, institutional equities, retail equities and related businesses such as distribution of financial products, NBFC, etc, to a wholly-owned subsidiary of Axis Bank pursuant to a scheme of arrangement. Axis Bank will also demerge its investment banking business into the wholly-owned subsidiary.

Enam shareholders will receive shares of Axis Bank in the ratio of 5.7 shares of Axis Bank for every one share held in Enam, resulting into about 3.3 per cent equity stake of Axis Bank on the enlarged capital. The proposed scheme is subject to approvals from respective shareholders and approval from the authorities like Reserve Bank of India (RBI), Sebi and the High Courts of Gujarat and Mumbai.

The proposed transaction would create one of India’s leading financial services powerhouses combining the investment banking and equities franchise of subject with the dominant debt capital markets and commercial banking franchise of Axis Bank. The strategic objective is to create a complete bouquet of financial products and services for corporate, institutional and individual clients that will enhance the ability of the combined entity to better serve client needs in a seamless manner across product categories and geographies.

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.55.67
UK Pound	1	Rs.88.05
Euro	1	Rs.69.92

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.