MIRA INFORM REPORT

Report Date :

29.03.2013

IDENTIFICATION DETAILS

Name :	IVF TRUSTEE COMPANY PRIVATE LIMITED
Registered Office :	Ground Floor, Rocklines House, 9/2, Museum Road, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.08.2006
Com. Reg. No.:	040274
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U74140KA2006PTC040274
Legal Form :	Private Limited Liability Company
Line of Business :	The principal activity of the Subject is to carry on the offices/duties of trustees in relation to private trusts etc. including India Value Fund III, India Value Fund lll-A and India Value Fund IV.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The principal activity of the company is to carry on the office/duties of trustees in relation to private trust etc. The financial strength of the company is vulnerable. However, business is active. Payment terms are slow. The company can be considered for business dealings with great 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 :	Ground Floor, Rocklines House, 9/2, Museum Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-41321845
Fax No.:	91-80-25590800
E-Mail :	dharmesh@ivfa.com

DIRECTORS

AS ON 01.06.2012

Name :	Mr. Suresh Narsappa Talwar
Designation :	Director
Address :	17 / 31 MHB Colony Bandra Reclamation, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	21.11.1937
Date of Appointment :	18.09.2006
DIN No.:	00001456

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	U23200MH1980PTC022646	MOLY COLLOIDS PVT LTD	Director	16/05/1980	16/05/1980	12/07/2007	Dormant	NO
2	U15430MH1948PLC006457	CADBURY INDIA LIMITED	Director	02/03/1981	02/03/1981	31/03/2011	Active	NO
3	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25/03/1981	25/03/1981	22/12/2011	Active	NO
4	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	08/06/1983	08/06/1983	24/07/2008	Active	NO
5	L99999MH1967PLC013726	MERCK LIMITED	Director	17/01/1984	17/01/1984	-	Active	NO
6	U92110MH1944PTC004242	TWENTIETH CENTURY FOX CORPORATION (INDIA) PRIVATE LIMITED	Director	06/02/1985	06/02/1985	-	Strike off	NO
7	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	17/06/1986	17/06/1986	-	Active	NO
8	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	30/12/1988	30/12/1988	-	Active	NO
9	U32104KL1981PLC003348	FCI OEN CONNECTORS LIMITED	Alternate director	26/03/2012	20/02/1989	-	Active	NO
10	U29299PN1960PTC011751	SANDVIK ASIA Private Limited	Director	29/03/1989	29/03/1989	-	Active	NO
11	U63070MH1991PTC060790	S&M AGENCIES PRIVATE LIMITED CN	Director	22/03/1991	22/03/1991	-	Dormant	NO
12	U65920MH1995PTC092440	ROMIL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	23/03/1996	23/03/1996	-	Dissolved	NO
13	U65993MH1996PTC102162	DECAGON INVESTMENTS PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO
14	U65923MH1996PTC104084	SIDHAM FINANCE & INVESTMENTS PRIVATE LIMITED	Director	22/03/1997	22/03/1997	-	Active	NO
15	U67120MH1998FTC113138	SCHENECTADY (INDIA) HOLDINGS PRIVATE LIMITED	Alternate director	31/07/1998	31/07/1998	23/01/2009	Amalgamated	NO
16	L65920MH1994PLC080220	TRANSWARRANTY FINANCE LIMITED	Alternate director	27/12/1999	27/12/1999	-	Active	NO
17	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Director	21/01/2000	21/01/2000	-	Active	NO
18	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY Private LIMITED	Director	18/11/2009	17/07/2000	-	Active	NO
19	U74140KA2000PTC027640	SWISS RE SHARED SERVICES (INDIA) PRIVATE LIMITED	Director	18/08/2000	18/08/2000	-	Active	NO
20	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	21/06/2001	21/06/2001	27/10/2008	Active	NO
21	U28920MH1999PTC119104	ARMSTRONG WORLD INDUSTRIES (INDIA) PRIVATE LIMITED	Director	11/07/2001	11/07/2001	-	Active	NO
22	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	11/09/2001	11/09/2001	-	Active	NO
23	L24200MH2000PLC123813	SOLVAY PHARMA INDIA LIMITED	Director	16/10/2001	16/10/2001	-	Amalgamated	NO
24	U74300MH1987PTC044227	REDIFFUSION DENTSU YOUNG AND RUBICAM PRIVATE LIMITED	Director	06/12/2001	06/12/2001	-	Active	NO
25	U99999MH1963PLC012674	SI GROUP - INDIA LIMITED.	Alternate director	22/01/2008	01/01/2002	22/01/2009	Active	NO
26	U24240MH1995PTC086243	PZ CUSSONS INDIA PRIVATE LIMITED	Alternate director	03/08/2012	07/05/2002	-	Active	NO
27	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Director	30/10/2002	30/10/2002	-	Active	NO
28	U67200MH2002PTC137954	Aon Global Insurance Brokers Private Limited.	Director	24/02/2003	24/02/2003	11/10/2010	Active	NO
29	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	14/04/2003	14/04/2003	20/03/2008	Active	NO
30	L24234KA1978PLC003417	BIOCON LIMITED	Director	17/05/2003	17/05/2003	-	Active	NO
31	U92110MH2003PTC142309	SHOWDIFF WORLDWIDE PRIVATE LIMITED	Director	21/01/2004	21/01/2004	22/02/2010	Active	NO
32	L24222PN1956PLC134746	ELANTAS Beck India Limited	Director	01/06/2009	05/07/2004	-	Active	NO
33	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	06/07/2004	06/07/2004	-	Active	NO
34	L85190MH1947PLC005963	WYETH LIMITED	Director appointed in casual vacancy	20/03/2009	15/09/2004	26/10/2009	Active	NO
35	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
36	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Alternate director	02/12/2011	04/12/2004	27/10/2012	Active	NO
37	U74200MH1977PTC020041	UHDE INDIA PRIVATE LIMITED	Alternate director	16/09/2011	05/12/2004	-	Active	NO
38	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20/01/2005	20/01/2005	-	Active	NO
39	L24110MH1965PLC013331	Rhodia Specialty Chemicals India Limited	Additional director	31/10/2012	14/02/2005	-	Active	NO
40	U72200MH2005PTC153209	EPITOME GLOBAL SERVICES PRIVATE LIMITED	Director	11/05/2005	11/05/2005	-	Active	NO
41	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	12/09/2005	12/09/2005	-	Active	NO
42	U67110MH2005PTC157770	Phillip (India) Private Limited	Director	01/02/2006	01/02/2006	-	Active	NO
43	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	22/02/2006	22/02/2006	-	Active	NO
44	U63031GA1965PTC000041	CHOWGULE AND COMPANY Private LIMITED.	Director	23/02/2006	23/02/2006	-	Active	NO
45	L65990MH1993PLC074306	Vaarad Ventures Limited	Alternate director	19/05/2009	31/03/2006	29/07/2009	Active	NO
46	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	26/07/2006	26/07/2006	-	Active	NO
47	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	18/09/2006	18/09/2006	-	Active	NO
48	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Alternate director	27/06/2012	03/10/2006	-	Active	NO
49	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	22/04/2009	27/10/2006	-	Active	NO
50	U34101KA1996PTC020195	Mahindra Reva Electric Vehicles Private Limited	Director	02/12/2006	02/12/2006	29/07/2010	Active	NO
51	U74140MH1999PTC122493	INGA CAPITAL PRIVATE LIMITED	Director	27/09/2007	12/02/2007	01/10/2009	Active	NO
52	U70100TN2007PLC062429	RAKINDO KOVAI TOWNSHIP LIMITED	Additional director	01/04/2007	01/04/2007	19/02/2008	Active	NO
53	U85199KA2002PTC030218	TTK Healthcare TPA Private Limited	Director	03/04/2007	03/04/2007	-	Active	NO
54	U85110KA2004PTC034819	SWISS RE HEALTHCARE SERVICES PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Amalgamated	NO
55	U74999PN2007PTC137041	WAVE Suspension Systems India Private Limited	Director	29/09/2008	25/05/2007	28/01/2011	Active	NO
56	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	21/11/2008	13/06/2007	03/10/2011	Active	NO
57	U65993MH2005PTC155362	INDIA DEBT MANAGEMENT Private LIMITED	Director	17/06/2008	24/03/2008	17/06/2009	Active	NO
58	U65990MH1996PTC100190	Morgan Stanley India Capital Private Limited	Director	31/08/2009	10/12/2008	-	Active	NO
59	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Director	25/06/2010	01/12/2009	-	Active	NO
60	U45203PN2007PTC130582	CHOWGULE PORTS & INFRASTRUCTURE PRIVATE LIMITED	Director	08/07/2011	26/07/2010	-	Active	NO
61	U45300AP2010PLC070121	L&T METRO RAIL (HYDERABAD) LIMITED	Director	04/08/2011	11/02/2011	-	Active	NO
62	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Additional director	01/04/2011	01/04/2011	26/11/2012	Active	NO
63	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Additional director	27/12/2012	27/12/2012	-	Active	NO

Name :	Mr. Surendra Ambalal Dave
Designation :	Director
Address :	10, Shiv Shanti Bhavan, 146, Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	03.08.1936
Date of Appointment :	18.09.2006
DIN No.:	00001480

OTHER DIRECTORSHIP:

Top of Form

Bottom of Form

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	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Director	01/08/1990	01/08/1990	-	Active	NO
2	U99999MH1982PTC027062	CENTRE FOR MONITORING INDIAN ECONOMY PRIVATE LIMITED	Director	01/05/1996	01/05/1996	-	Active	NO
3	U74899DL1990PTC038945	ANKAR CAPITAL INDIA PRIVATE LIMITED	Director	07/09/1996	07/09/1996	-	Active	NO
4	U67190GA1993PLC001327	PHOENIX TOWNSHIP LIMITED	Director	30/06/1998	30/06/1998	-	Active	NO
5	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY Private LIMITED	Director	17/07/2000	17/07/2000	-	Active	NO
6	U65990MH2000PTC129390	BENCHMARK TRUSTEE COMPANY PRIVATE LIMITED	Director	27/10/2000	27/10/2000	24/11/2011	Active	NO
7	U67110MH2000PTC129483	PRINCIPAL TRUSTEE COMPANY PRIVATE LIMITED	Director	08/11/2000	08/11/2000	15/03/2007	Active	NO
8	L31909TN1972PLC006196	NIPPO BATTERIES CO. LIMITED	Director	29/03/2002	29/03/2002	-	Active	NO
9	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	06/09/2003	06/09/2003	-	Active	NO
10	U65910MH1988PLC046447	SBI DFHI LIMITED	Director	27/02/2004	27/02/2004	-	Active	NO
11	U74899DL1994PLC057146	PLUS PAPER FOODPAC LIMITED	Director	01/06/2004	01/06/2004	31/03/2009	Active	NO
12	L74899HR1944PLC039088	ESCORTS LIMITED	Director	02/09/2005	02/09/2005	-	Active	NO
13	L17110MH1997PLC106945	MUDRA LIFESTYLE LIMITED	Director	27/11/2006	28/04/2006	11/05/2011	Active	NO
14	L29193MH1995PLC092323	NITIN FIRE PROTECTION INDUSTRIES LIMITED	Director	09/05/2006	09/05/2006	-	Active	NO
15	U24231HR1980PLC044172	RECKITT BENCKISER HEALTHCARE INDIA LIMITED	Director	01/06/2006	01/06/2006	29/04/2008	Active	NO
16	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	18/09/2006	18/09/2006	-	Active	NO
17	U67120MH1996PLC100108	ANAND RATHI FINANCIAL SERVICES LIMITED	Director	28/09/2007	10/01/2007	-	Active	NO
18	U65990MH1989PTC054667	QUANTUM INFORMATION SERVICES PRIVATE LIMITED	Director	17/05/2007	17/05/2007	18/02/2010	Active	NO
19	L17119DN1983PLC000074	KSL AND INDUSTRIES LIMITED	Director	09/08/2008	11/06/2008	13/03/2010	Active	NO
20	L99999GJ1985PLC011553	JAYBHARAT TEXTILES AND REAL ESTATE LIMITED	Director	09/08/2008	12/06/2008	13/03/2010	Active	NO
21	U65999MH2008PLC185856	MCX STOCK EXCHANGE LIMITED	Director	24/07/2009	26/06/2009	31/03/2010	Active	NO
22	U21012AP2005PLC046890	WHITEFIELD PAPER MILLS LIMITED	Director	30/12/2009	30/06/2009	24/03/2011	Active	NO
23	L26942AP1979PLC002500	DECCAN CEMENTS LTD	Director	07/08/2012	12/08/2011	-	Active	NO
24	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	14/08/2012	26/04/2012	-	Active	NO

Name :	Mr. Susan Thomas
Designation :	Director
Address :	FL E7, Indira Gandhi Inst. For Development, Research General Vaidya Marg, Goregaon East, Mumbai – 400065, Maharashtra, India
Date of Birth/Age :	30.07.1966
Date of Appointment :	13.03.2007
DIN No.:	00472794

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	U65990MH2000PTC129186	BENCHMARK ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Director	17/10/2001	17/10/2001	24/11/2011	Active	NO
2	L92490MH1999PLC122381	Fame India Limited	Director	21/12/2004	21/12/2004	21/01/2011	Active	NO
3	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY Private LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
4	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
5	U66020MH2007GOI176787	SBI PENSION FUNDS PRIVATE LIMITED	Director	25/07/2009	14/06/2008	-	Active	NO
6	U65910AP1996PLC025470	FUTURE FINANCIAL SERVICESS LIMITED	Director	02/09/2011	15/09/2010	-	Active	NO
7	U65910TN1989PTC017021	IFMR Capital Finance Private Limited	Director	14/05/2012	11/10/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nevatia G Vishal
Designation :	Manager
Address :	202, Adibaba 16^th Road, Santacruz West, Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	05.08.1969
Date of Appointment :	31.08.2006
Name :	Mr. Jigisha Hiren Shah
Designation :	Manager
Address :	A 402 Golden Oak High Street, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	18.10.1969
Date of Appointment :	18.05.2010
Name :	Mr. Rajagopalan Santhanam
Designation :	Manager
Address :	1102 A Wing Valencia Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	25.04.1965
Date of Appointment :	18.05.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.06.2012

Names of Shareholders	No. of Shares
Sunil V Theckath	7140
Vishal Nevatia	7160
Sanjay Arte	7140
Vikram Nirula	7140
Pramod Kabra	7140
Vishal Nevaia and Sanjay Arte AS A Trustee of IVF Capital Trust, Mumbai	7140

AS ON 01.06.2012

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is to carry on the offices / duties of trustees in relation to private trusts, etc.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai - 400 018, Maharashtra India
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/-	Rs0.500. Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/-	Rs0.500. Million

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.100)	(0.113)	(0.174)
NETWORTH		0.400	0.387	0.326
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		0.400	0.387	0.326
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	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	0.400	0.322	0.324
	Other Current Assets	0.001	0.000	0.000
	Loans & Advances	0.144	0.209	0.140
Total Current Assets		0.545	0.531	0.464
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.126	0.128	0.138
	Other Current Liabilities	0.016	0.016	0.000
	Provisions	0.003	0.000	0.000
Total Current Liabilities		0.145	0.144	0.138
Net Current Assets		0.400	0.387	0.326
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.401	0.387	0.326

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		0.022	0.027
		Other Income		0.039	0.000
		TOTAL		0.061	0.027
			NA
Less	EXPENSES
		Operating and other Expenses		0.000	0.039
		TOTAL		0.000	0.039
	PROFIT FOR THE YEAR		0.013	0.061	(0.012)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(0.174)	(0.162)
	BALANCE CARRIED TO THE B/S		NA	(0.113)	(0.174)
	Earnings Per Share (Rs.)		NA	1.23	(0.023)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA	NA
Debt Equity Ratio (Total Debt/Networth)		NA	NA	NA
Current Ratio (Current Asset/Current Liability)		3.76	3.68	3.36

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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	No
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

ABOUT THE SUBJECT:

The Subject, was incorporated as a private limited company on August 24, 2006 under the provisions of the Companies Act, 1956. The principal activity of the Company is to carry on the offices/duties of trustees in relation to private trusts etc. including India Value Fund III, India Value Fund lll-A and India Value Fund IV.

CONTINGENT LIABILITIES

Some of the investee companies of the India Value Fund I It-A have taken loans from banks. In addition to a charge on the assets of the investee companies, such loans are secured by Corporate Guarantee / Indemnity from IVF Advisors Private Ltd (IVFAPL). The amount of such loans aggregate to Rs.622.050 Millions as at the year-end, (Previous year end Rs.711.800 Millions).

The Company, on behalf of the India Value Fund lll-A, has given back to back guarantees to IVFAPL, to indemnify IVFAPL for any losses incurred by it for providing such Corporate Guarantee / Counter Indemnity to the banks.

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.