MIRA INFORM REPORT

Report Date :

08.12.2012

IDENTIFICATION DETAILS

Name :	DSP BLACKROCK INVESTMENT MANAGERS PRIVATE LIMITED (w.e.f. 27.05.2009)
Formerly Known As :	DSP BLACKROCK INVESTMENT MANAGERS LIMITED (w.e.f. 14.10.2008) DSP MERRILL LYNCH FUND MANAGERS LIMITED (w.e.f. 07.03.2003) DSP MERRILL LYNCH INVESTMENT MANAGERS LIMITED
Registered Office :	Mafatlal Centre, 10^th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.05.1996
Com. Reg. No.:	11-099483
Capital Investment / Paid-up Capital :	Rs.200.000 Millions
CIN No.: [Company Identification No.]	U74140MH1996PTC099483
TAN No.: [Tax Deduction & Collection Account No.]	MUMD10223D
PAN No.: [Permanent Account No.]	AAACD3069K
Legal Form :	Private Limited Liability Company
Line of Business :	The Company operates as an ‘Asset Management Company’ for schemes of DSP BlackRock Mutual Fund.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 8600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	DSP BlackRock Strategic Bond Fund = AAAmfs
Rating Explanation	Highest degree of safety and lowest credit risk
Date	November 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.

INFORMATION DECLINED

Management Non Co-operative (91-21-66578000)

LOCATIONS

Registered Office :	Mafatlal Centre, 10^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66578000
Fax No.:	91-22-66578182
E-Mail :	pritesh.majmudar@dspblackrock.com service@dspblackrock.com
Website :	www.dspblackrock.com
Branch Office :	Maker Chamber VI, Office No. 126/127, 12^th Floor, Jamnalal Bajaj Road, Nariman Point, Mumbai-400021, Maharashtra, India

DIRECTORS

As on 20.07.2012

Name :	Mr. Hemendra Mathuradas Kothari
Designation :	Director
Address :	57 Sea View, Worli Seaface, Mumbai-400025, Maharashtra, India
Date of Birth/Age :	25.08.1946
Date of Appointment :	13.05.1996
DIN No.:	00009873
Name :	Mr. Rakesh Mohan
Designation :	Director
Address :	E57, Panch Shila Park, New Delhi-110017, India
Date of Birth/Age :	14.01.1948
Date of Appointment :	24.05.2010
DIN No.:	02790744
Name :	Mr. Subrahmanian Rameseshan Venkata
Designation :	Director
Address :	8 Rushilla, 17-C, Carmichael Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	26.09.1933
Date of Appointment :	18.10.1996
DIN No.:	00005292
Name :	Mr. Omkar Mihir Goswami
Designation :	Director
Address :	E-121, Masjid Moth, 1^st Floor, Greater, Kailash III, New Delhi-110048, India
Date of Birth/Age :	29.08.1956
Date of Appointment :	22.01.2001
DIN No.:	00004258
Name :	Mr. Ranjan K C Pant
Designation :	Director
Address :	Portion – B, 10-A, Kasturba Gandhi Marg, New Delhi-110001, India
Date of Birth/Age :	29.06.1959
Date of Appointment :	25.06.2002
DIN No.:	00005410
Name :	Mr. Piyush Gunwantrai Mankad
Designation :	Director
Address :	P 161, ATS Green Village, Sector 93 A, Expressway, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	18.11.1941
Date of Appointment :	21.10.2004
DIN No.:	00005001
Name :	Mr. Laurence Dauglos Fink
Designation :	Director
Address :	186 Vail Lane, North Salem, New York-10560, USA
Date of Birth/Age :	02.11.1952
Date of Appointment :	13.02.2009
DIN No.:	02519601
Name :	Mr. Susan Albert Wagner
Designation :	Director
Address :	365 Sarles Street, Mount Kisco-10459, USA
Date of Birth/Age :	26.05.1961
Date of Appointment :	13.02.2009
DIN No.:	02519231
Name :	Mr. John Richard Kushel
Designation :	Alternate Director
Address :	1135 Greacen Point Road, Mamaroneck-10543, USA
Date of Birth/Age :	31.05.1966
Date of Appointment :	16.04.2009
DIN No.:	02544270
Name :	Quintin Rupert Salter Price
Designation :	Alternate Director
Address :	30 Addison Avenue, London-W114QP, UK
Date of Birth/Age :	03.04.1961
Date of Appointment :	16.04.2009
DIN No.:	02544230
Name :	Mr. David Patric Graham
Designation :	Director
Address :	Marley Cottage, Midhurst Road, Haslemere, Surrey
Date of Birth/Age :	13.12.1955
Date of Appointment :	09.08.2010
DIN No.:	00005250
Name :	Mr. Mark Seumas Mccombe
Designation :	Director
Address :	Flat B.13/F. Block 5, Pak Pat Shan Road, The Redhilla Sitea Hongkong
Date of Birth/Age :	23.03.1996
Date of Appointment :	0.03.2012
DIN No.:	05214875

KEY EXECUTIVES

Name :	Mr. Pritesh Niranjan Majmudar
Designation :	Secretary
Address :	D-706, Manish Park, Pump House, Andheri East, Mumbai-400093, Maharashtra, India
Date of Birth/Age :	18.08.1977
Date of Appointment :	30.01.2009
PAN No.:	AJUPM8866B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.07.2012

Names of Shareholders	No. of Shares
Hemendra Mathuradas Kothari	11
Shitin Dayalji Desai	1
Raj Kataria	1
Black Rock Advisors Singapore Pte Limited, Singapore	8000000
Kumar Mahendra Shah	1
Pradeep Satyanarayan Dokania	1
Aditi Hemendra Kothari	1
DSP Adiko Holdings Private Limited, India	8000000
DSP HMK Holdings Private Limited, India	3999984
Total	20000000

As on 20.07.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company operates as an ‘Asset Management Company’ for schemes of DSP BlackRock Mutual Fund.
Products/ Services :	Investment Management Sevices

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans taken for vehicles secured	10.091	6.193
Total	10.091	6.193

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12. Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN No.:	AACFD4815A
Subsidiaries :	DSP BlackRock Investment (Mauritius) Limited
Associated Enterprise :	DSP BlackRock Trustee Company Private Limited BlackRock Advisors Singapore Pte. Limited DSP BlackRock Mutual Fund BlackRock India Equities Fund (Mauritius) Limited BlackRock Hong Kong Limited BlackRock Investment Management (UK) Limited BlackRock (Channel Islands) Limited BlackRock Inc. Reclamation Properties (India) Private Limited BlackRock Financial Management, Inc

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 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		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1959.419	1490.371	977.792
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2159.419	1690.371	1177.792
LOAN FUNDS
1] Secured Loans		10.091	6.193	6.831
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		10.091	6.193	6.831
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2169.510	1696.564	1184.623
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		133.985	77.032	97.362
Capital work-in-progress		2.294	1.576	0.621
INVESTMENT		1887.733	1430.895	861.747
DEFERREX TAX ASSETS		56.573	46.169	34.925
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	265.700	221.845	173.894
	Cash & Bank Balances	17.628	28.502	12.586
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	339.112	486.082	305.543
Total Current Assets		622.440	736.429	492.023
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	426.752	503.692	207.551
	Other Current Liabilities	55.035	44.890	51.040
	Provisions	51.728	46.955	43.464
Total Current Liabilities		533.515	595.537	302.055
Net Current Assets		88.925	140.892	189.968
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2169.510	1696.564	1184.623

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2218.476	1788.287	1499.498
		Other Income
		TOTAL	2218.476	1788.287	1499.498
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	641.766
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	41.800
	PROFIT BEFORE TAX		660.665	741.083	599.966
Less	TAX		191.591	227.431	192.194
	PROFIT AFTER TAX		469.074	513.652	407.772
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1487.971	975.392	567.620
	BALANCE CARRIED TO THE B/S		1957.045	1489.044	975.392
	EARNINGS IN FOREIGN CURRENCY
		Non binding offshore advisory fees	394.474	223.696	221.412
		Retrocession fees	0.000	166.985	159.473
	TOTAL EARNINGS		394.474	390.681	380.885
	VALUE OF IMPORTS		4.144	1.956	1.537
	Earnings Per Share (Rs.)		23.45	25.63	20.39

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.14	28.72	27.19
Return on Total Assets (PBT/Total Assets}	(%)	87.34	91.10	101.80
Return on Investment (ROI) (PBT/Networth)		0.30	0.44	0.51
Debt Equity Ratio (Total Liability/Networth)		0.25	0.36	0.26
Current Ratio (Current Asset/Current Liability)		1.17	1.24	1.63

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Total outstanding dues of creditors other than micro enterprises and small enterprises	426.752	503.692	207.551
Total	426.752	503.692	207.551

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	No
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

Note:

The registered office of the company has been shifted from 11^th Floor West Wingtulsiani Chambers, Narimani Point, Mumbai – 400021, Maharashtra, India to present address w.e.f.17.01.2011

BACKGROUND:

The Company is the Asset Management Company to DSP BlackRock Mutual Fund ("the Fund"), in terms of the approval granted by SEBI vide letter no. IIMARP/201/97 dated January 30, 1997. The Company is also registered with SEBI, under the SEBI (Portfolio Managers) Regulations, 1993, vide registration code PM/INP000000977 as a portfolio manager. In addition, the Company offers non-binding investment advisory service to Overseas Investment Managers, for investments in Indian securities.

REVIEW OF OPERATIONS:

A. SCHEMES/GROWTH IN ASSETS UNDER MANAGEMENT (AUM)

The Company is required to manage the Schemes of the Fund in accordance with the provisions of the Investment Management Agreement, the Trust Deed, the SEBI (Mutual Funds) Regulations, 1996 and the investment objectives of each Scheme as laid down by the relevant Offer Document.

During the year under reference, the Company acted as the Investment Manager to twenty - three open-ended schemes, viz. DSP BlackRock Bond Fund, DSP BlackRock Equity Fund, DSP BlackRock Liquidity Fund, DSP BlackRock Balanced Fund, DSP BlackRock Government Securities Fund, DSP BlackRock Treasury Bill Fund, DSP BlackRock Technology.com Fund, DSP BlackRock Opportunities Fund, DSP BlackRock Short Term Fund, DSP BlackRock Top 100 Equity Fund, DSP BlackRock Savings Manager Fund, DSP BlackRock Floating Rate Fund, DSP BlackRock India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund), DSP BlackRock Money Manager Fund, DSP BlackRock Small and Mid Cap Fund, DSP BlackRock Strategic Bond Fund, DSP BlackRock Tax Saver Fund, DSP BlackRock World Gold Fund, DSP BlackRock Natural Resources and New Energy Fund, DSP BlackRock Micro Cap Fund, DSP BlackRock World Mining Fund, DSP BlackRock World Energy Fund and DSP BlackRock Focus 25 Fund. The Company also managed close ended schemes, viz. several fixed maturity plans (24 schemes as of March 31, 2011 while 10 schemes matured during the financial year 2010-2011). During the year under reference, DSP BlackRock Savings Manager - Moderate and DSP BlackRock Savings Manager Fund - Conservative were merged into DSP BlackRock Savings Manager Fund - Aggressive and the merged DSP BlackRock Savings Managers Fund - Aggressive was renamed as DSP BlackRock Savings Manager Fund with effect from February 26, 2011. As on March 31, 2011, the Assets Under Management (AUM) of the Mutual Fund were Rs. 295.48 bn as against Rs. 207.80 bn as of March 31, 2010. As on March 31, 2011 the total assets under management and advice under Portfolio Management Services (PMS) was approximately Rs 0.5 bn as against Rs. 0.73 bn as of March 31, 2010.

B. SERVICE STANDARDS

The Fund services a client base of more than 2.2 mm accounts through over 200 Investor Service Centres (ISCs) pan India. The Fund uses the services of Investor Service Centres and Transaction Points of its Registrar and Transfer Agent - M/s Computer Age Management Services Private Limited at 222 locations across the country as official points of acceptance. In its endeavor to provide newer, quicker, easier and better means of transacting, the Fund has introduced the following facilities during the year: Online transaction facility through the website of DSP BlackRock Mutual Fund www.dspblackrock.com was introduced. The facility gives investors the advantage of transacting at their convenience without having to visit the service centers. The fund has received an encouraging response to the online transaction facility. The website of the Fund, www.dspblackrock.com, provides comprehensive information on the various products and services of the Fund. The website has been further enhanced by making various forms and stationery available online, thereby making it easy for investors to download forms for their use, at a click. Dividend Transfer Plan (DTP) has been introduced during the year which

is a facility enabling investors to opt for automatically investing the dividend receivable into other eligible schemes of the Fund. The facility of Switch Upon Maturity for Fixed Maturity Plans of the Fund has been introduced. This facility enables the investor to give an advance intimation to the Fund to switch the maturity proceeds receivable into other eligible schemes of the Fund. State Bank of India was added to the list of Electronic Clearing Services (ECS) locations enabling auto debit facility for investors having a bank account with the State Bank of India for their Systematic Investment Plan (SIP) instalments. Multiple Bank Accounts Registration facility, a facility for registering upto five bank accounts of the investor in a folio for receiving redemption and dividend proceeds was started during the year. Registering for this facility enables investors to receive redemption proceeds into any one of the registered bank accounts without providing any additional supporting documents at the time of redemption. All the income and fund of funds schemes were added to the list of eligible schemes for trading through the infrastructure of the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). The Trustees were pleased to note that complaints, queries and grievances of investors and distributors have been resolved promptly by the client response associates team. The client response team continues to focus on increasing the electronic modes of payment, thereby significantly reducing the remittance time to investors and distributors, in addition to preventing fraudulent encashment of cheques and increasing the overall efficiency of the process. They advise investors of the Fund to check their statements regularly, especially for any dividend or redemptions that may have been unclaimed and approach the AMC or the Registrar for claiming the same.

C. AWARD AND RECOGNITIONS

DSP BlackRock Mutual Fund received the ‘Fiduciary Leadership Award’ at the NDTV Profit Mutual Fund Awards 2010 (for 5 yr performance till Jun 30, 2010 among 15 eligible fund houses), and the ‘Best Equity Fund House’ award at the Outlook Money Awards 2010 (for 3 yr performance till Jun 30, 2010 among 12 eligible fund houses). At the scheme level, DSP BlackRock Top 100 Equity Fund was ranked ‘Best Fund’ in the Equity Large Cap category for 3 yr performance till Jun 30, 2010 (total of 17 schemes were considered) at the NDTV Profit Mutual Fund Awards 2010 while DSP BlackRock Small and Mid Cap Fund was given the ‘CNBC TV18 - CRISIL Mutual Fund of the Year Award for 2011’ in the Small and Mid Cap Funds category for calendar year performance for 2010 (total of 24 schemes were considered) at the CNBC TV18 - CRISIL Mutual Fund of the Year Awards 2011. Also, DSP BlackRock Government Securities Fund won the ‘Best Fund over the past 10 years’ award in the Bond Indian Rupee- Government category for 10 yr performance till Dec 31, 2010 (total of 19 schemes were considered).

D. WHOLLY OWNED SUBSIDIARY IN MAURITIUS.

The Company has a wholly owned subsidiary in Mauritius viz., DSP BlackRock Investment Managers (Mauritius) Limited (‘Mauritius IMC’), which acts as the Investment Manager to an offshore fund viz DSP BlackRock India Investment Fund (‘Mauritius Fund’). The key objective of the Mauritius fund is to invest in Indian securities, including mutual funds. The Fund is registered with SEBI as a sub-account under the Securities and Exchange Board of India Foreign Institutional Investors Regulations, 2008. During the year under reference, the fund has garnered subscriptions of about USD 156.060 millions, bulk of which constitutes investments in fixed income securities/fixed income oriented mutual funds. As on March 31, 2011 the AUM figure stood at USD 162.260 millions.

E. GOING FORWARD:

In 2011-12, the focus will be to increase the base of retail investors through existing schemes, new schemes (including fund of funds investing into a range of BlackRock international funds) and introducing innovative product features.

CONTINGENT LIABILITIES (AS ON 31.03.2011)

Interest on outstanding dues contested with Service tax authorities – Rs.2.412 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74140MH1996PTC099483
Name of the company	DSP BlackRock Investment Managers Private Limited
Address of the registered office or of the principal place of business in India of the company	Mafatlal Centre,10th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India pritesh.majmudar@dspblackrock.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India cpu-retailassetoperations.reocefilling@hdfc.com
Nature of instrument creating charge	Car Loan Agreement No. 22774851 for auto loan dated 2nd November, 2012 executed between the Company and HDFC Bank Limited. The Bank has granted the loan of Rs. Rs.0.715 Million for Hyundai i20 SPORTZ P (Vehicle). The Vehicle details as shown in the Schedule to the Car Loan Agreement.
Date of instrument Creating the charge	01.11.2012
Amount secured by the charge	Rs.0.715 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% per annum Terms of Repayment 48 EMI's of Rs. 18,467/- each
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hyundai i20 SPORTZ P

FIXED ASSETS

· Furniture fixtures

· Other equipments

· Vehicles

· Leasehold properties

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 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.54.20
UK Pound	1	Rs.87.00
Euro	1	Rs.70.22

INFORMATION DETAILS

Information Gathered by :	SVA
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	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		54

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.