MIRA INFORM REPORT

Report Date :

22.02.2013

IDENTIFICATION DETAILS

Name :	SI INVESTMENTS AND BROKING PRIVATE LIMITED
Registered Office :	402, Rotunda Building, Bombay Samachar Marg, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.12.1997
Com. Reg. No.:	11-112408
Capital Investment / Paid-up Capital :	Rs.16.034 Millions
CIN No.: [Company Identification No.]	U67190MH1997PTC112408
TAN No.: [Tax Deduction & Collection Account No.]	MUMS23668B MUMS40481A
PAN No.: [Permanent Account No.]	AABC5547A
Legal Form :	Private Limited Liability Company
Line of Business :	The company offers the followings services: To assist wholesale and retail clients for their investments in shares To provide advisory services to investors like Banks, Financial Institutions, Mutual Funds, Corporate and High Net Worth Individuals for deployment of their investible surplus funds. To provide portfolio management service to the clients
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1900000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears dip in income from operation in the current year. The company has also incurred a loss. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 :	402, Rotunda Building, Bombay Samachar Marg, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22656780
Fax No.:	91-22-22656008
E-Mail :	lrkris84@gmail.com

DIRECTORS

As on 28.09.2012

Name :	Ms. Vanaja Sundar Iyer
Designation :	Director
Address :	8/22, Bhaskar Bhavan, Sir Balachandra Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	08.09.1958
Date of Appointment :	11.12.1997
DIN No.:	00124636
Name :	Mr. Shridhar Parameshwaran Iyer
Designation :	Director
Address :	8/22, Bhaskar Bhavan, Sir Balachandra Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	16.06.1970
Date of Appointment :	11.12.1997
DIN No.:	00124684

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Sundar P Iyer, 8/22, Bhaskar Bhavan, Sir Balachandra Road, Matunga, Mumbai – 400019, Maharashtra, India	163426
Vanaja Sundar Iyer, 8/22, Bhaskar Bhavan, Sir Balachandra Road, Matunga, Mumbai – 400019, Maharashtra, India	960010
Shridhar Parameshwaran Iyer, 8/22, Bhaskar Bhavan, Sir Balachandra Road, Matunga, Mumbai – 400019, Maharashtra, India	520
Siddharth Sundar Iyer, 8/22, Bhaskar Bhavan, Sir Balachandra Road, Matunga, Mumbai – 400019, Maharashtra, India	479500
Total	1603456

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company offers the followings services: To assist wholesale and retail clients for their investments in shares To provide advisory services to investors like Banks, Financial Institutions, Mutual Funds, Corporate and High Net Worth Individuals for deployment of their investible surplus funds. To provide portfolio management service to the clients

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Bank of India CITI Bank HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	Shankar and Kishor Chartered Accountants
Address :	B-702/703, Oxford Chambers, Saki Vihar Road, Near L and T, Powai, Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28478833 / 44
Fax No.:	91-22-28578855
E-Mail :	shankarassociates@yahoo.co.in
PAN No.:	AABFS2700A
Related Parties :	Palani Andavar and Holdings Private Limited Lubricants and Allied Products Mfg. Co. Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions
500000	12% Non-Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.50.000 Millions
	Total		Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1603456	Equity Shares	Rs.10/- each	Rs.16.034 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.034	51.034	51.034
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		457.100	462.471	355.887
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		473.134	513.505	406.921
LOAN FUNDS
1] Secured Loans		0.000	0.000	99.933
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	99.933
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		473.134	513.505	506.854
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.703	0.750	0.460
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		288.620	276.386	229.473
DEFERREX TAX ASSETS		0.080	0.071	0.067
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3.724	10.462	70.490
	Cash & Bank Balances	42.101	137.053	87.793
	Other Current Assets	168.337	100.328	0.129
	Loans & Advances	55.000	57.500	159.161
Total Current Assets		269.162	305.343	317.573
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.513	0.000	0.000
	Other Current Liabilities	0.640	0.404	1.616
	Provisions	64.278	68.641	39.334
Total Current Liabilities		85.431	69.045	40.950
Net Current Assets		183.731	236.298	276.623
MISCELLANEOUS EXPENSES		0.000	0.000	0.231
TOTAL		473.134	513.505	506.854

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5.611	14.914	12.873
		Other Income	(3.823)	132.951	57.526
		TOTAL	1.788	147.865	70.399
Less	EXPENSES
		Office Expenses	6.718	7.675	9.127
		Administrative Expenses
		Advertising Expenses
		TOTAL	6.718	7.675	9.127
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(4.930)	140.190	61.272
Less/ Add	DEPRECIATION/ AMORTISATION		0.219	0.210	0.089
	PROFIT / (LOSS) BEFORE TAX		(5.149)	139.980	61.183
Less	TAX		0.222	33.396	14.983
	PROFIT / (LOSS) AFTER TAX		(5.371)	106.584	46.200
	Earnings / (Loss) Per Share (Rs.)		(3.25)	66.47	28.81

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(300.39)	72.08	65.63
Net Profit Margin (PBT/Sales)	(%)	(91.77)	938.58	475.28
Return on Total Assets (PBT/Total Assets}	(%)	(1.91)	45.73	19.24
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.27	0.15
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.25
Current Ratio (Current Asset/Current Liability)		3.15	4.42	7.76

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	No
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

FINANCIAL PERFORMANCE

During the year, the Income from Operations of the Company decreased to Rs.5.611 Millions as against Rs. 14.914 Millions in the previous year and the Total Income also decreased to Rs.1.789 Millions as against Rs.147.865 Millions in the previous year resulting in loss amounting to Rs.5.149 Millions as against profit before tax of Rs.139.980 Millions in the previous year.

The Directors are hopeful of better performance in the current year.

FIXED ASSETS

• Furniture and Fixtures
• Office Equipments
• Air Conditioner
• Computer

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 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.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.