MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	ASA INTERNATIONAL INDIA MICROFINANCE PRIVATE LIMITED (w.e.f 22.10.2009)
Formerly Known As:	DILKUSHA HIRE PURCHASE PRIVATE LIMITED
Registered Office :	211, Mohan Vihar, Ladehwali Jalandhar – 144010 , Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.02.1990
Com. Reg. No.:	16-010120
Capital Investment / Paid-up Capital :	Rs.12.000 Millions
CIN No.: [Company Identification No.]	U65921PB1990PTC010120
TAN No.: [Tax Deduction & Collection Account No.]	JLD00024D
PAN No.: [Permanent Account No.]	AAACD4950B
Legal Form :	Private Limited Liability Company
Line of Business :	Company is Engaged in the Business of Micro Finance Activity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1640000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – September 30, 2011

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

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

LOCATIONS

Registered Office :	211, Mohan Vihar, Ladehwali Jalandhar – 144010 , Punjab, India
Tel. No.:	91-33-23358510
Fax No.:	91-33-23358509
E-Mail :	scral@asa.international.com kmitra@asa_international.com India@asa.international.com
Website :	www.asaindia.in www.asa-international.com
Corporate Office :	IB-163, Sector III, Salt Lake City, Kolkata – 700106, West Bengal, India
Country Office :	Located at: Bangladesh Europe Ghana Nigeria Pakistan Philippines Sri Lanka

DIRECTORS

As on 15.07.2011

Name :

Dirk Machgielis Brouwer

Designation :

Director

Address :

533/4, Lake Gardens Flat A, Kolkata – 700045, West Bengal, India

Date of Birth/Age :

13.09.1962

Date of Appointment :

02.07.2009

DIN No.:

02686289

Name :

Shafiqual Haque Choudhury

Designation :

Director

Address :

House No B/44, Sector 44, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

01.01.1949

Date of Appointment :

02.07.2009

DIN No.:

02695969

Name :

MD Enamul Haque

Designation :

Director

Address :

Flat No. 402, SIDBI Office, RS Flats Kings Apartments, T B Block, 6/3 Mall Avenue, Lucknow – 226001, Uttar Pradesh, India

Date of Birth/Age :

15.06.1955

Date of Appointment :

20.01.2010

DIN No.:

02961971

Name :

Berhanu Wolde Yohannes

Designation :

Director

Address :

House No.51 Road 10/A, Dhanmondi R/A, Dhaka 001209, Bangladesh, India

Date of Birth/Age :

05.05.1952

Date of Appointment :

02.07.2009

DIN No.:

02686297

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	U65921PB1990PTC010120	ASA INTERNATIONAL INDIA MICROFINANCE PRIVATE LIMITED	Director	02-07-09	02-07-09	-	Active	NO
2	U17291DL2008PTC172924	Proswift Consultancy Private Limited	Director	02-07-09	02-07-09	-	Active	NO

Name :

Partha Ranjan Dasgupta

Designation :

Director

Address :

08.10.1940

Date of Birth/Age :

Kraanyogelplein, 11217 GD, Hilversum, The Netherlands 1217GD

Date of Appointment :

20.01.2010

DIN No.:

00328935

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	U99999MH1995PTC086985	SYNGENTA SEEDS INDIA PRIVATE LIMITED	Director	03-06-02	03-06-02	-	Amalgamated	NO
2	U74140DL1999PTC102812	DAKSH HORTITEC PRIVATE LIMITED	Director	22-11-02	22-11-02	-	Active	NO
3	U91120PN2005PTC139186	SYNGENTA FOUNDATION INDIA	Director	26-10-05	26-10-05	09-06-08	Active	NO
4	U65921PB1990PTC010120	ASA INTERNATIONAL INDIA MICROFINANCE PRIVATE LIMITED	Director	20-01-10	20-01-10	-	Active	NO

Name :

Chander Mohan Vasudeva

Designation :

Director

Address :

ASA Tower 23/3, Khilji Road, Shyamoli, Mohammedpur Dhaka, Dhaka, Bangladesh, India

Date of Birth/Age :

05.04.1943

Date of Appointment :

05.03.2010

DIN No.:

00143885

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	U74140DL2004PLC131454	ICRA MANAGEMENT CONSULTING SERVICES LIMITED	Director	12-06-06	12-06-06	-	Active	NO
2	U67120MH2005PLC155188	BSE Limited	Director	26-09-06	26-09-06	07-08-07	Active	NO
3	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	06-07-10	17-10-06	-	Active	NO
4	U67120MH1997PLC112443	CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED	Nominee director	28-11-06	28-11-06	26-09-07	Active	NO
5	U74140DL2007PTC157976	NOESIS STRATEGIC CONSULTING SERVICES PRIVATE LIMITED	Director	20-12-07	09-03-07	31-12-09	Active	NO
6	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	29-09-07	26-03-07	21-10-10	Active	NO
7	U40101UR2001SGC025866	UJVN Limited	Director	24-11-08	24-11-08	-	Active	YES
8	L21011WB1936PLC008726	STAR PAPER MILLS LTD.	Director	30-09-09	22-06-09	-	Active	NO
9	U67120DL2009PTC192138	BEDROCK VENTURE MANAGEMENT PRIVATE LIMITED	Director	27-07-10	09-10-09	-	Active	NO
10	U65921PB1990PTC010120	ASA INTERNATIONAL INDIA MICROFINANCE PRIVATE LIMITED	Director	25-08-10	05-03-10	-	Active	NO
11	U74140DL2010PTC202426	CENTENNIAL DEVELOPMENT ADVISORY SERVICES INDIA PRIVATE LIMITED	Director	08-05-10	08-05-10	-	Active	NO
12	U74900MH2008PLC179152	Power Exchange India Limited	Director	24-09-10	26-05-10	-	Active	NO
13	U72400MH2004PLC147094	NSDL DATABASE MANAGEMENT LIMITED	Director	23-06-11	15-11-10	-	Active	NO

Name :

Ashok Ranjan Samal

Designation :

Director

Address :

1317 KA, Flat 3/A, Road 2, Shyamoli, Mohammadpur , Dhaka – 1207, Bangladesh, India

Date of Birth/Age :

24.07.1955

Date of Appointment :

30.07.2010

DIN No.:

00918164

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	U65910UP2002NPL027113	CASHPOR MICRO CREDIT	Director	09-09-06	09-09-06	28-12-07	Active	NO
2	U65921PB1990PTC010120	ASA INTERNATIONAL INDIA MICROFINANCE PRIVATE LIMITED	Nominee director	30-07-10	30-07-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2011

Names of Shareholders	No. of Shares
Proswift Consultancy Private Limited	29995
ASA International AV	5
ASA International	89995
Anawarul Hoque Choudhary	1
Dirk M. Brouwer	1
Martijin M. Bollen	1
CMI Internationals Holdings	1
TOTAL	119999

Equity Share Break up (Percentage of Total Equity)

As on 15.07.2011

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Company is Engaged in the Business of Micro Finance Activity

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India Yes Bank Limited, 9^th Floor, Nehru Center, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Banking Relations :	--
Financial Institution:	Ananya Finance For Inclusive Growth Private Limited
Auditors :
Name :	L.B. Jha Chartered Accountant
Address :	GF – 1, Gillander House, 8, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22425858/ 5407/ 4277
Fax No.:	91-33-22420650/ 22302846
E-Mail :	lbjha@lbjha.com
Websites:	www.lbjha.com
PAN.:	AABFL0464G

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
119999	Equity Shares	Rs.100/- each	Rs.12.000 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		12.000	12.000	12.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		397.105	361.894	319.917
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		409.105	373.894	331.917
LOAN FUNDS
1] Secured Loans		1158.520	595.983	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1158.520	595.983	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.281
TOTAL		1567.625	969.877	332.198
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.007	4.908	2.576
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	1.336	0.000
DEFERREX TAX ASSETS		1.967	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	160.328	183.697	34.172
	Other Current Assets	1640.677	937.451	343.421
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		1801.005	1121.148	377.593
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	195.448	122.241	39.235
	Other Current Liabilities
	Provisions	55.906	35.274	8.848
Total Current Liabilities		251.354	157.515	48.083
Net Current Assets		1549.651	963.633	329.510
MISCELLANEOUS EXPENSES		0.000	0.000	0.112
TOTAL		1567.625	969.877	332.198

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	397.637	151.245	46.634
		Other Income
		TOTAL	397.637	151.245	46.634
Less	EXPENSES
		Office Expenses	328.467	78.985	21.603
		Administrative Expenses
		Advertising Expenses
		TOTAL	328.467	78.985	21.603
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		69.170	72.260	25.031
Less/ Add	DEPRECIATION/ AMORTISATION		12.069	6.591	2.405
	PROFIT BEFORE TAX		57.101	65.669	22.626
Less	TAX		21.890	23.692	9.080
	PROFIT AFTER TAX		35.211	41.976	13.546
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.225	10.842	0.000
Less	APPROPRIATIONS
		Transfer to Statutory Reserve	7.042	8.395	2.704
		Transfer to General Reserve	3.521	4.198	0.000
	BALANCE CARRIED TO THE B/S		64.873	40.225	10.842
	Earnings Per Share (Rs.)		293.43	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.86	27.75	29.05
Return on Total Assets (PBT/Total Assets}	(%)	3.14	5.83	5.95
Return on Investment (ROI) (PBT/Networth)		0.14	0.18	0.07
Debt Equity Ratio (Total Liability/Networth)		3.45	2.02	0.14
Current Ratio (Current Asset/Current Liability)		7.17	7.12	7.85

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office address has been shifted from SCOT Computers, E.F 338/1, New Railway Road, Jalandhar City, Punjab – 144002, India to present address w.e.f 12.10.2009

Operations and Prospect

The organization has attempted to scale up its operations at a rapid pace, while at the same time maintaining a high quality portfolio. ASA India strives to be a proven and tested ASA model of microfinance with distinguishes itself in its simplicity of delivery, strict controls and operating procedure and rapid scalability. They took note of AP crisis Malegam Committee report, RBI circular dated 3rd may, 2011 and launched their new loan products on 15^th June, 2011 in line with RBI guidelines.

Form 8

Corporate identity number of the company	U65921PB1990PTC010120
Name of the company	ASA INTERNATIONAL INDIA MICROFINANCE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	211, Mohan Vihar, Ladehwali Jalandhar City, Punjab – 144010, India Email : kmitra@asa-international.com
This form is for	Creation of charge
Type of charge	Book debts Movable Property (not being pledge)
Particular of charge holder	Ananya Finance For Inclusive Growth Private Limited, 401, 'Shaan', Near Sakar-4, Opposite - M J Library, Ashram Road, Ahmedabad – 380006, Gujarat, India Email: ananya_igf@yahoo.in
Nature of instrument creating charge	Loan agreement
Date of instrument Creating the charge	21.02.2011
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13.50% per annum Terms of Repayment : 18 Months Margin : -- Extent and Operation of the charge: 1st and exclusive charge by way of hypothecation of the Borrower's book debts arising out of on lending operations to the MFIs out of the Lender's Revolving Loan Fund / 1st Charge by way of Hypothecation in favour of Lender's of all the Borrower's moveable assets created from the loan fund and the grant fund given by the Lender
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1st and exclusive charge by way of hypothecation of the Borrower's book debts arising out of on lending operations to the MFIs out of the Lender's Revolving Loan Fund / 1st Charge by way of Hypothecation in favour of Lender's of all the Borrower's moveable assets created from the loan fund and the grant fund given by the Lender

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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.