MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	ISS FACILITY SERVICES INDIA PRIVATE LIMITED
Registered Office :	The Qube, C.T.S. No. 1498 A/2, M.V. Road, Marol, Andheri (E), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	02.06.2005
Com. Reg. No.:	11-163481
Capital Investment / Paid-up Capital :	Rs. 373.707 Millions
CIN No.: [Company Identification No.]	U74140MH2005PTC163481
PAN No.: [Permanent Account No.]	AABCI3815M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Housekeeping and Facility management services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 6700000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ISS Global A/S, Canada It is an established company having satisfactory track The company possesses an acceptable financial profile marked by adequate networth base and comfortable capital structure with zero debt. Management has withessed a minimal revenue and also has reported a loss from its operations during FYE December 2012. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced management and strong parentage, the company can be considered 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Piyush
Designation :	Senior Excuetive in Finance
Contact No.:	91-22-61041111
Date :	30.07.2014

LOCATIONS

Registered Office Corporate Office :	The Qube, C.T.S. No. 1498 A/2, M.V. Road, Marol, Andheri (E), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-6104111
Mobile No.:	Not Availble
Fax No.:	91-22-61041000
E-Mail :	issindiacs@in.issworld.com
Website :	http://www.in.issworld.com
Region:	· Kandivali · Pune · Lonavala · Aurangabad · Nagpur · Korba · Indore · Baroda · Kolkata · Chennai · Bangalore · Hyderabad · Kochi · Coimbatore

DIRECTORS

AS ON 30.06.2014

Name :

Mr. Jolly Joseph Kochery

Designation :

Director

Address :

9^th Floor Wing C-3 Flat No. 905 Oberoi Springs, (Excel Indus) CTS No. 705 off Link Road Andheri (W), Mumbai, 400058, Maharashtra, India

Date of Appointment :

03.12.2007

DIN No. :

00176549

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	U55101MP1996PTC011208	BLUE BELL HOSPITALITY PRIVATE LIMITED	Director	12/09/1996	12/09/1996	-	Active	NO
2	U70102MP1996PTC011346	EVA HOLDING PRIVATE LIMITED	Director	17/10/1996	17/10/1996	15/07/2008	Active	NO
3	U55100MH2004PTC150018	MAPLE LEAF RESORTS AND HOTELS PRIVATE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
4	U55203MH1999PTC118360	ISS Integrated Facility Services Private Limited	Director	22/04/2006	22/04/2006	-	Amalgamated	NO
5	U74999TG2006PTC051306	ISS Pest Control Services Private Limited	Director	28/09/2007	27/11/2006	-	Amalgamated	NO
6	U93090MH2006PTC163307	ISS MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/03/2007	01/03/2007	-	Amalgamated	NO
7	U17120MH1987PTC043280	ISS Support Services Private Limited	Director	01/07/2011	21/06/2007	-	Active	NO
8	U55101TN2000PTC044032	ISS CATERING SERVICES (SOUTH) PRIVATE LIMITED	Director	30/09/2008	22/10/2007	-	Amalgamated	NO
9	U74140MH2005PTC163481	ISS FACILITY SERVICES INDIA PRIVATE LIMITED	Director	30/09/2008	03/12/2007	-	Active	NO
10	U55101MH2007PTC174711	ISS CATERING SERVICES (WEST) PRIVATE LIMITED	Director	31/12/2008	23/05/2008	-	Amalgamated	NO
11	U29294MH1993PTC072222	Hicare Services Private Limited	Director	01/07/2011	20/05/2009	29/01/2014	Active	NO
12	U74140TN2010PTC074694	Innovative Salary Services and Payroll Advisory Private Limited	Director	30/09/2010	04/03/2010	-	Active	NO
13	U74999TN1971PTC005996	ISS SDB SECURITY SERVICES Private Limited	Managing director	01/06/2011	09/08/2010	-	Active	NO
14	U74920MH1985PTC036848	MODERN PROTECTION AND INVESTIGATIONS Private Limited	Director	30/10/2013	30/10/2013	-	Active	NO

Name :

Mr. Dennis Daugaard Andersen

Designation :

Director

Address :

3 Jervois Close #12-05, Singapore, 249099, France

Date of Appointment :

08.04.2011

DIN No. :

03631504

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	U74140MH2005PTC163481	ISS FACILITY SERVICES INDIA PRIVATE LIMITED	Director	30/09/2011	08/04/2011	-	Active	NO
2	U93090MH2006PTC163307	ISS MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2011	08/04/2011	-	Amalgamated	NO

Name :

Mr. Jan Andreas Thorling

Designation :

Director

Address :

73 Bukit Way Mont Timah, Singapore - 587768, India

Date of Appointment :

04.09.2013

DIN No. :

06662845

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	U74140MH2005PTC163481	ISS FACILITY SERVICES INDIA PRIVATE LIMITED	Director	18/12/2013	04/09/2013	-	Active	NO
2	U93090MH2006PTC163307	ISS MANAGEMENT SERVICES PRIVATE LIMITED	Director	18/12/2013	04/09/2013	-	Amalgamated	NO

Name :

Mr. Thomas Hinnerskov

Designation :

Director

Address :

6 Jalan Pelangi, Singapore – 268323, India

Date of Appointment :

04.09.2013

DIN No. :

06662860

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	U74140MH2005PTC163481	ISS FACILITY SERVICES INDIA PRIVATE LIMITED	Director	18/12/2013	04/09/2013	-	Active	NO
2	U93090MH2006PTC163307	ISS MANAGEMENT SERVICES PRIVATE LIMITED	Director	18/12/2013	04/09/2013	-	Amalgamated	NO

Name :

Mr. Stanislos simon D’britto

Designation :

Director

Address :

B/203 2^nd Flr, Vini Castle Adjoining Vini Garden, Society Off LM Road Village, Mandapeshwar Borivali, Mumbai – 400103, Maharashtra, India

Date of Appointment :

09.10.2013

DIN No. :

06709938

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	U29294MH1993PTC072222	Hicare Services Private Limited	Additional director	09/10/2013	09/10/2013	29/01/2014	Active	NO
2	U55101TN2000PTC044032	ISS CATERING SERVICES (SOUTH) PRIVATE LIMITED	Director	16/12/2013	09/10/2013	-	Amalgamated	NO
3	U17120MH1987PTC043280	ISS Support Services Private Limited	Director	16/12/2013	09/10/2013	-	Active	NO
4	U74999TG2006PTC051306	ISS Pest Control Services Private Limited	Director	16/12/2013	09/10/2013	-	Amalgamated	NO
5	U93090MH2006PTC163307	ISS MANAGEMENT SERVICES PRIVATE LIMITED	Director	16/12/2013	09/10/2013	-	Amalgamated	NO
6	U55203MH1999PTC118360	ISS Integrated Facility Services Private Limited	Director	16/12/2013	09/10/2013	-	Amalgamated	NO
7	U74140MH2005PTC163481	ISS FACILITY SERVICES INDIA PRIVATE LIMITED	Director	16/12/2013	09/10/2013	-	Active	NO
8	U55101MH2007PTC174711	ISS CATERING SERVICES (WEST) PRIVATE LIMITED	Director	16/12/2013	09/10/2013	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mohammad Abdul Nadeem
Designation :	Secretary
Date of Appointment :	05.04.2013
PAN No.:	ADTPN5526G
Name :	Mr. Piyush
Designation :	Senior Excuetive in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares
ISS Global A/S	37370701
Abhey Yograj Nominee of ISS Global	1
Total	37370702

As on 30.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Housekeeping and Facility management services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	The Shamrao Vithal CO-OP. Bank Limited, Andheri West, Mumbai, Maharashtra, India
Facilities :	Not Available

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excelus. 5^th Floor, Apollo Mills Compoundn M Joshi Marg, Mahalakshmi
PAN No.:	AAIFB4734C
Subsidiary company	· ISS Interrated Facility Services Private Limited U55203MH1999PTC118360 · ISS Support Service Private Limited U17120MH1987PTC043280
Associate	· ISS Hicare Private Limited, U29294MH1993PTC072222 · ISS Catering Service (west) Private Limited, U55101MH2007PTC174711 · Innovative Salary Services and Payroll Advisory private Limited, U74140TN2010PTC074694 · Modern Protection and Investigations Private Limited, U74920MH1985PTC036848
Ultimate Holding Company	· ISS World Service A/S, Canada

CAPITAL STRUCTURE

As on 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
78950000	Equity Shares	Rs.10/- each	Rs.789.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37370702	Equity Shares	Rs.10/- each	Rs.373.707 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012 (9 Months)	31.03.2012 (12 Months)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	373.707	373.707
(b) Reserves & Surplus	1325.341	1510.603
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1699.048	1884.310
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.425
Total Non-current Liabilities (3)	0.000	0.425
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.053	5.131
(c) Other current liabilities	0.503	2.135
(d) Short-term provisions	0.000	0.390
Total Current Liabilities (4)	0.556	7.656
TOTAL	1699.604	1892.391
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	548.387	740.828
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.519	1.036
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	549.906	741.864
(2) Current assets
(a) Current investments	1002.456	1002.456
(b) Inventories	0.000	0.000
(c) Trade receivables	0.813	2.418
(d) Cash and cash equivalents	2.808	3.100
(e) Short-term loans and advances	132.065	127.376
(f) Other current assets	11.556	15.177
Total Current Assets	1149.698	1150.527
TOTAL	1699.604	1892.391

SOURCES OF FUNDS		31.03.2011 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		373.707
2] Share Application Money		0.827
3] Reserves & Surplus		1499.771
4] (Accumulated Losses)		0.000
NETWORTH		1874.305
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		1874.305
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		1743.284
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	2.216
	Cash & Bank Balances	8.029
	Other Current Assets	0.000
	Loans & Advances	150.127
Total Current Assets		160.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.873
	Other Current Liabilities	2.953
	Provisions	1.525
Total Current Liabilities		29.351
Net Current Assets		131.021
MISCELLANEOUS EXPENSES		0.000
TOTAL		1874.305

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2012 (9 Months)	31.03.2012 (12 Months)	31.03.2011 (12 Months)
	SALES
	Income			3.108
	Other Income			1.339
	TOTAL (A)	NA	NA	4.447
Less	EXPENSES
	Direct Operational Expenses			2.650
	General and Admin Cost			0.163
	TOTAL (B)	NA	NA	2.813
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	NA	1.634
Less	FINANCIAL EXPENSES (D)	NA	NA	0.205
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	NA	1.429
Less/ Add	DEPRECIATION/ AMORTISATION (F)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(181.299)	16.263	1.429
Less	TAX (H)	3.963	5.431	0.475
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(185.262)	10.832	0.954
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	11.366	0.534	-0.420
	Balance Carried to the B/S (I+J)	(173.896)	11.366	0.534
	Earnings / (Loss) Per Share (Rs.)	(4.96)	(0.29)	0.26

KEY RATIOS

PARTICULARS		31.12.2012	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	21.45
Net Profit Margin (PBT/Sales)	(%)	NA	NA	45.98
Return on Total Assets (PBT/Total Assets}	(%)	(15.75)	1.41	0.75
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2067.80	150.28	5.46

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	373.707	373.707
Reserves & Surplus	1510.603	1325.341
Net worth	1884.310	1699.048
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

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	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	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	No
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 Pirojshah Nagar, Godrej Compound, Eastern Express Highway, Gate no. 4, Vikhroli (E), Mumbai – 400079, Maharashtra, India to the present address w.e.f. 28.02.2014

REVIEW OF OPERATIONS:

During the year, the Company has earned of Rs.16.665 Millions from Housekeeping services and other income which are Interest income on loans and advances to related parties and Liabilities no longer required written back as compared to Rs. 24.545 Millions. The net loss for the year has been Rs. 185.262 Millions as against Rs. 10.832 Millions during the previous financial year. The Company has incurred significant losses and as the Balance Sheet date. The Company has developed a business plan to improve profitability and strengthen the Financial position so as to continue its operations in the Current and foreseeable future. ISS Global A/S, the holding company, has committed to provide unconditional financial and other support that are necessary to enable the Company to continue its operations and to meet its liabilities as they fall due for the period of twelve months from the date of Balance Sheet date. Further, the High Courts vide their final order dated 16^th August, 2013 has approved a scheme of Amalgamation whereby the associated Companies will be mergered into the Company with effect from 1st April, 2012. Therefore there is no necessity for adjustments relating to the recoverability and classifications of the recorded asset amounts, or to amounts and classifications of liabilities that may be necessary if the entity is unable to continue. The Directors are continuously looking for avenues for future growth of the Company in Housekeeping industry.

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90350063	06/05/2005 *	500,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	ANDHERI WEST, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

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. 60.85
UK Pound	1	Rs. 102.68
Euro	1	Rs. 81.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.