MIRA INFORM REPORT

Report Date :

20.11.2013

IDENTIFICATION DETAILS

Name :	DISHA DIRECT MARKETING SERVICES PRIVATE LIMITED (w.e.f 06.09.2013)
Formerly Known As :	DISHA DIRECT VENTURES PRIVATE LIMITED
Registered Office :	316, 3rd Floor, Orion Business Park, Next To Cine Wonder, Ghodbunder Road, Thane – 400601, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.05.2007
Com. Reg. No.:	11-170697
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U70101MH2007PTC170697
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate
No. of Employees :	Information declined by the management

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 210000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management of the company has not filed its latest financial with the government department. As per previous year financial (i.e. 2012), there seems some dip in the turnover and profitability of the company. Reserves of the company also appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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-Cooperative (91-22-41134500

LOCATIONS

Registered Office :	316, 3rd Floor, Orion Business Park, Next To Cine Wonder, Ghodbunder Road, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-41134500
Fax No.:	91-22-41134510
E-Mail :	chomal.vikas@gmail.com
Corporate Office :	301/2/3 Orion Business Park Kapurbawdi ghodbunder Road Thane(W) Thane- 400610 Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Santosh Pandurang Naik
Designation :	Director
Address :	102, 1^st Floor, Siddhachal, Building No.22, Pokhran No.1, Near Vasant Vihar, Thane (West), Thane – 400602, Maharashtra, India
Date of Birth/Age :	22.11.1968
Date of Appointment :	09.05.2007
DIN No.:	01517405
Name :	Mrs. Sujata Santosh Naik
Designation :	Director
Address :	22/102, Saptagiri, Siddhachal, Phase 111, Pokhran No.2, Thane (West), Thane – 400602, Maharashtra, India
Date of Birth/Age :	10.05.1969
Date of Appointment :	09.05.2007
DIN No.:	01517471

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Santosh Pandurang Naik	5000
Sujata Santosh Naik	1995000
Total	2000000

As on 30.09.2013

Names of Allottee	No. of Shares Allotted
Santosh Pandurang Naik	3650000
Sujata Santosh Naik	2350000
Santosh Nail HUF	1850000
Total	7850000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point,, Mumbai - 400021, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	Laxmikant Kabra and Company Chartered Accountants
Address :	1, Matru Chaya, M Karve Road, Opposite Badekar Hospital, Naupada, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25438095
E-Mail :	laxmikant_kabra@yahoo.com
PAN No.:	ADOPK3248F

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10320100	Equity Shares	Rs.10/- each	Rs.103.201 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000
(b) Reserves & Surplus	5.252	4.757
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	28.200	28.200
Total Shareholders’ Funds (1) + (2)	53.452	52.957
(3) Non-Current Liabilities
(a) long-term borrowings	176.657	142.565
(b) Deferred tax liabilities (Net)	0.000	0.108
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	176.657	142.673
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	30.160	23.059
(c) Other current liabilities	11.262	13.008
(d) Short-term provisions	9.000	6.856
Total Current Liabilities (4)	50.422	42.923
TOTAL	280.531	238.553
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.211	18.369
(ii) Intangible Assets	96.525	48.069
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	13.013	0.000
(c) Deferred tax assets (net)	0.088	0.000
(d) Long-term Loan and Advances	4.574	7.258
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	129.411	73.696
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	98.968	105.100
(d) Cash and cash equivalents	0.219	0.705
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	51.933	59.052
Total Current Assets	151.120	164.857
TOTAL	280.531	238.553

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		3.274
4] (Accumulated Losses)		0.000
NETWORTH		3.374
LOAN FUNDS
1] Secured Loans		6.557
2] Unsecured Loans		57.665
TOTAL BORROWING		64.222
DEFERRED TAX LIABILITIES		0.000
TOTAL		67.596
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.475
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	64.575
	Cash & Bank Balances	1.160
	Other Current Assets	32.755
	Loans & Advances	2.147
Total Current Assets		100.637
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.172
	Other Current Liabilities	55.562
	Provisions	8.833
Total Current Liabilities		83.567
Net Current Assets		17.070
MISCELLANEOUS EXPENSES		0.051
TOTAL		67.596

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	103.521	167.942	80.445
		Other Income	0.462	0.594
		TOTAL (A)	103.983	168.536	80.445
Less	EXPENSES
		Employee Benefits Expenses	30.132	34.213
		Others Expenses	64.063	122.508
		TOTAL (B)	94.195	156.721	78.997
					(Including Financial and Depreciation Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.788	11.815
Less	FINANCIAL EXPENSES (D)		0.738	2.290
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.050	9.525
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.162	7.351
	PROFIT BEFORE TAX (E-F) (G)		1.888	2.174	1.448
Less	TAX (H)		1.392	0.691	1.005
	PROFIT AFTER TAX (G-H) (I)		0.496	1.483	0.443
	Earnings Per Share (Rs.)		0.25	0.25	44.32

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.48	0.88	0.55
Net Profit Margin (PBT/Sales)	(%)	1.82	1.29	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.71	0.91	0.96
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.43
Debt Equity Ratio (Total Debt /Networth)		3.30	2.69	19.03
Current Ratio (Current Asset/Current Liability)		3.00	3.84	1.20

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

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	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	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	No

Note:

The registered office of the company has been shifted from 601, 6th Floor, Aspi Mansion, Gokhale Road, Naupada, Thane – 400602, Maharashtra, India to present address w.e.f. 05.04.2011

PERFORMANCE DURING THE FINANCIAL YEAR

The company has made profit of Rs.0.496 Million in the financial year 2011-2012. The Board is hopeful of a better performance during the ensuing financial year.

asas

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10296295	24/08/2013 *	86,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B83494914

* Date of charge modification

FIXED ASSETS

· Air Conditioner

· Furniture

· Office Equipment

· Computer

· Motor Cycle

· Electrical Installation

· Television

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.62.23
UK Pound	1	Rs.100.18
Euro	1	Rs.84.06

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.