MIRA INFORM REPORT

Report Date :

13.09.2012

IDENTIFICATION DETAILS

Name :	BUSINESS INDIA EXHIBITIONS PRIVATE LIMITED
Registered Office :	Nirmal, 14th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.05.2007
Com. Reg. No.:	11-171047
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74999MH2007PTC171047
TAN No.: [Tax Deduction & Collection Account No.]	MUMB17623E
PAN No.: [Permanent Account No.]	AADCB1532G
Legal Form :	Private Limited Liability Company
Line of Business :	Organizing Trade Fairs and Exhibitions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears continue fall in the sales turnover and there appear huge accumulated losses. Profitability is under pressure. However, trade relations are reported to be fair. Business is active. Payments are slow. The company can be considered for business dealing on a safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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

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 :	Nirmal, 14th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22610033/ 22883942
Fax No.:	91-22-22676855/ 22883940
E-Mail :	pheroza.bilimoria@businessindiagroup.com vijayankannampilly@gmail.com
Website :	http://www.biexh.com
Head Office :	201, Dalamal Towers, Free Press Road, Nariman Point, Mumbai – 400021, Maharashtra, India
E-Mail :	sales@biexh.com
Branches :	Located at Ø New Delhi Ø Chennai Ø Bangalore Ø Kochi Ø Ludhiana Ø Indore Ø Kolkata Ø Hyderabad Ø Chandigarh Ø Jaipur Ø Goa

DIRECTORS

AS ON 29.09.2011

Name :

Pheroza Jimmy Bilimoria

Designation :

Director

Address :

5, Battery House, 74, Bhulabhai Desai Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

17.05.1951

Date of Appointment :

22.05.2007

DIN No.:

00191386

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	U32200DL1985PLC020057	BUSINESS INDIA TELEVISION INTERNATIONAL LIMITED	Director	04/03/1994	04/03/1994	29/06/2012	Active	NO
2	U22100MH1988PLC047259	BUSINESS INDIA PUBLICATIONS LIMITED	Director	04/10/2011	10/01/2000	-	Active	NO
3	U72900MH2000PLC124677	BUSINESS INDIA.COM LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
4	U22200MH1997PTC112028	PARAMOUNT HI-TECH PRINTING COMPANY PRIVATE LIMITED	Director	01/07/2002	01/07/2002	29/06/2012	Active	NO
5	U72900MH1992PLC065333	BUSINESS INDIA INFORMATION TECHNOLOGY LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
6	U99999MH1992PTC068502	BUSINESS INDIA DATA-BASE PRIVATE LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
7	U65990MH1991PLC060923	BUSINESS INDIA SECURITIES AND FINANCE LIMITED	Director	30/09/2004	30/09/2004	10/09/2009	Active	NO
8	U74999MH2007PTC171047	BUSINESS INDIA EXHIBITIONS PRIVATE LIMITED	Director	22/05/2007	22/05/2007	29/06/2012	Active	NO

Name :

Noshir Minoo Jalnawala

Designation :

Director

Address :

Doctor Building No. 2, Flat No. 3, 1st floor, Panthaky Baug, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

16.08.1946

Date of Appointment :

02.01.2008

DIN No.:

00737970

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	U28920MH1977PTC019686	DUGAL PROJECTS DEVELOPMENT COMPANY PRIVATE LIMITED	Director	29/08/1994	29/08/1994	-	Active	NO
2	U26959MH1993PTC070325	GLAXY ASBESTOS AND FITTINGS PRIVATE LIMITED	Director	01/08/2002	01/08/2002	-	Active	NO
3	U65944MH1984PTC032179	DHARMA SASTHA PRINTING AND PUBLISHING COMPANY PRIVATE LIMITED	Director	01/08/2003	01/08/2003	-	Active	NO
4	U67120MH1995PTC093326	BUSINESS INDIA HOLDINGS PRIVATE LIMITED	Director	03/02/2004	03/02/2004	-	Active	NO
5	U85100MH1990PTC058103	FIRST HEALTH CARE PRIVATE LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
6	U85110MH2006PTC166130	MEDICAL MARKETING INSIGHTS PRIVATE LIMITED	Director	25/12/2006	25/12/2006	-	Strike off	NO
7	U74999MH2007PTC171047	BUSINESS INDIA EXHIBITIONS PRIVATE LIMITED	Director	30/09/2008	02/01/2008	-	Active	NO
8	U24239PN1960PTC132879	GENERAL PHARMACEUTICALS PRIVATE LIMITED	Director	29/09/2008	28/02/2008	-	Active	NO
9	U74120HR2007PTC038827	YAAS WHOLESALE INDIA PRIVATE LIMITED	Director	22/10/2008	22/10/2008	11/05/2009	Active	NO
10	U70100MH1984PTC034017	FRAMROZ APARTMENTS PRIVATE LIMITED	Director	30/09/2009	01/09/2009	-	Active	YES
11	U72900MH1992PLC065333	BUSINESS INDIA INFORMATION TECHNOLOGY LIMITED	Director	01/06/2012	01/06/2012	-	Active	NO
12	U32200DL1985PLC020057	BUSINESS INDIA TELEVISION INTERNATIONAL LIMITED	Director	01/06/2012	01/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Pheroza J.Bilimoria	10
Business India Publications Limited, India	9990
Fursa Mauritius, SPV1, Mauritius	5
Total	10005

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.05
Bodies corporate	99.85
Directors or relatives of directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Organizing Trade Fairs and Exhibitions.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
14% 5451 Compulsorily Convertible Debentures of Re.1 each	545.100	545.100
Total	545.100	545.100

Banking Relations :	--
Auditors :
Name :	Narkar and Associates Chartered Accountants
Address :	216, T.V. Industries Estate, Off Annie Besant Road, Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24974899/ 66661336
Fax No.:	91-22-24932290
E-Mail :	narkar99@vsnl.com
Income-tax PAN of auditor or auditor's firm :	AAAPN4055A
Holding Company :	Business India Publications Limited [U22100MH1988PLC047259]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,005	Equity Share	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(79.475)	(61.444)	(39.145)
NETWORTH		(79.375)	(61.344)	(39.045)
LOAN FUNDS
1] Secured Loans		545.100	545.100	545.100
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		545.100	545.100	545.100
DEFERRED TAX LIABILITIES		0.138	0.141	0.125
TOTAL		465.863	483.897	506.180
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.492	1.601	1.716
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.125	0.125	0.125
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	19.922	18.370	6.605
	Cash & Bank Balances	0.213	0.436	0.194
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	577.091	575.099	568.785
Total Current Assets		597.226	593.905	575.584
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.700	66.149	40.225
	Other Current Liabilities	60.622	37.667	24.807
	Provisions	8.658	7.918	6.213
Total Current Liabilities		132.980	111.734	71.245
Net Current Assets		464.246	482.171	504.339
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		465.863	483.897	506.180

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	48.855	68.028	104.810
		Other Income	0.736	1.013	1.533
		TOTAL (A)	49.591	69.041	106.343
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	67.421	91.128	147.204
Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(17.830)	(22.087)	(40.861)
Less	FINANCIAL EXPENSES (D)		0.064	0.060	0.104
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(17.894)	(22.147)	(40.965)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.139	0.136	0.127
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(18.033)	(22.283)	(41.092)
Less	TAX (H)		(0.002)	0.016	1.847
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(18.031)	(22.299)	(42.939)
	EARNINGS IN FOREIGN CURRENCY
		Exhibitions	Nil	2.368	0.385
	Earnings/ Loss Per Share (Rs.)		(1802.20)	(2228.79)	(4291.75)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(36.36)	(32.30)	(40.38)
Net Profit Margin (PBT/Sales)	(%)	(36.91)	(32.76)	(39.21)
Return on Total Assets (PBT/Total Assets}	(%)	(3.01)	(3.74)	(7.12)
Return on Investment (ROI) (PBT/Networth)		(0.23)	(0.36)	(1.05)
Debt Equity Ratio (Total Liability/Networth)		8.54	10.71	15.79
Current Ratio (Current Asset/Current Liability)		4.49	5.32	8.08

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	No

OPERATIONS:

The total income of the Company during the year under review is Rs. 49.591 Millions and the net loss for the year is Rs. 18.031 Millions.

FIXED ASSETS:

· Furniture and Fixture8

· Office Equipment

· Computers

WEBSITE DETAILS

PROFILE:

A highly successful division of The Business India Group, Business India Exhibitions, organises trade shows and exhibitions in different parts of India for a diverse range of industries. Established in 1988, it is recognised as India's #1 business-to-business event management company.

Subject produces a variety of events every year, covering office automation, financial products, interior décor, building materials, furniture, furnishings, computer education and information technology. An estimated half a million people visited the trade shows and exhibitions organised by Business India Exhibitions last year. The Division plans to double its turnover each year over the next few years, as it introduces new titles, and takes some of its existing brands to new cities.

Subject’s multi-city annual exhibitions on interior design, furniture, furnishings and building material products, the "Inside Outside Mega Show" are among the most successful shows in the country. The "Living In Style", "Computer Quest", "BIE Networks" and "BIE Multimedia Showcase" titles of the Division are also well-established brands in the exhibitions business.

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. 55.26
UK Pound	1	Rs. 88.85
Euro	1	Rs. 71.13

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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.