MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	DSP MERRILL LYNCH LIMITED
Registered Office :	8^th Floor, Mafatlal Centre, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.10.1975
Com. Reg. No.:	11-018618
Capital Investment / Paid-up Capital :	Rs. 231.600 Million
CIN No.: [Company Identification No.]	U74140MH1975PLC018618
TAN No.: [Tax Deduction & Collection Account No.]	MUMD00889A
PAN No.: [Permanent Account No.]	AAACD0535G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in financing and lending activities.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 84000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal 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.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	15.10.2013

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

Management non cooperative (91-22-66328000)

LOCATIONS

Registered Office /Corporate Office :	8^th Floor, Mafatlal Centre, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66328000 / 11-43579525 / 80-66484300 / 33-22821828
Fax No.:	91-22-66328580
E-Mail :	Dg.secretarial@baml.com
Website :	www.dspml.com
Branches :	Located at · New Delhi · Kolkata · Chennai · Bangalore

DIRECTORS

As on 24.09.2013

Name :

Mr. Jayesh Mehta

Designation :

Director

Address :

8/55 Kailash Mansion Tilak Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

21.012.1963

Date of Appointment :

07.09.2010

DIN No.:

00030636

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	U65990MH2005PLC152497	DSP MERRILL LYNCH CAPITAL LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
2	U65993MH2006PLC165581	DSP MERRILL LYNCH SECURITIES TRADING LIMITED	Director	15/11/2006	15/11/2006	25/03/2009	Amalgamated	NO
3	U74899MH1995PTC186140	BANC OF AMERICA SECURITIES INDIA PRIVATE LIMITED	Director	31/07/2009	22/04/2009	-	Active	NO
4	U74140MH1975PLC018618	DSP MERRILL LYNCH LIMITED	Director	07/09/2010	04/11/2009	-	Active	NO

Name :

Mr. Kumar Mahendrabhai Shah

Designation :

Director

Address :

B/9 Ajinkya Apartments, 2^nd Floor Tagore Nagar, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

12.02.1963

Date of Appointment :

25.09.2012

DIN No.:

00033865

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	U65990MH2005PLC152497	DSP MERRILL LYNCH CAPITAL LIMITED	Director	07/04/2005	07/04/2005	-	Active	NO
2	U70100MH2005PTC154453	SHUKO REAL ESTATE PRIVATE LIMITED	Director	04/07/2005	04/07/2005	31/03/2010	Active	NO
3	U65990MH1983PTC029544	DSP HMK HOLDINGS PRIVATE LIMITED	Director	25/08/2005	25/08/2005	27/11/2007	Active	NO
4	U65990MH1983PTC029547	DSP ADIKO HOLDINGS PRIVATE LIMITED	Director	25/08/2005	25/08/2005	27/11/2007	Active	NO
5	U65990MH1983PTC029550	DSP INVESTMENT PRIVATE LIMITED	Director	25/08/2005	25/08/2005	27/11/2007	Active	NO
6	U65993MH2006PLC165581	DSP MERRILL LYNCH SECURITIES TRADING LIMITED	Director	12/07/2007	21/12/2006	-	Amalgamated	NO
7	U74140MH1975PLC018618	DSP MERRILL LYNCH LIMITED	Director	25/09/2012	18/09/2007	-	Active	NO
8	U45200MH2008PTC178924	A S REALTIES PRIVATE LIMITED	Director	15/02/2008	15/02/2008	31/03/2010	Active	NO
9	U45400MH2008PTC178997	A H K REALTIES PRIVATE LIMITED	Director	18/02/2008	18/02/2008	31/03/2010	Active	NO
10	U45200MH2008PTC178994	H M REALTIES PRIVATE LIMITED	Director	18/02/2008	18/02/2008	31/03/2010	Active	NO
11	U45400MH2008PTC179708	H M K REALTIES PRIVATE LIMITED	Director	05/03/2008	05/03/2008	31/03/2010	Active	NO
12	U74999MH2006PLC163451	DSP MERRILL LYNCH TRUST SERVICES LIMITED	Director	24/08/2011	20/06/2008	-	Active	NO
13	U74899MH1995PTC186140	BANC OF AMERICA SECURITIES INDIA PRIVATE LIMITED	Director	13/07/2010	22/10/2009	-	Active	NO

Name :

Mr. Asit Anil Bhatia

Designation :

Director

Address :

B/22 Keval Mahal 64, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

28.08.1964

Date of Appointment :

25.11.2011

DIN No.:

05112750

Name :

Mr. Avinash Gupta

Designation :

Whole Time Director

Address :

23 Sarnath – B, Sophia College Lane, B Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

19.10.1972

Date of Appointment :

27.08.2012

DIN No.:

05106833

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	U65990MH2005PLC152497	DSP MERRILL LYNCH CAPITAL LIMITED	Director	27/08/2012	24/10/2011	-	Active	NO
2	U74140MH1975PLC018618	DSP MERRILL LYNCH LIMITED	Whole-time director	25/09/2012	25/11/2011	-	Active	NO

Name :

Ms. Jyotivardhan Jaipuria

Designation :

Whole Time Director

Address :

312 Shalaka, Opp. Cooperage Football Ground, Maharashi Road, Mumbai- 400021, Maharashtra, India

Date of Birth/Age :

26.10.1963

Date of Appointment :

25.09.2012

DIN No.:

05111689

KEY EXECUTIVES

Name :	Mr. Nishith Mehta
Designation :	Secretary
Address :	Lavina Flat No.52, 5^th Floor Tagore Road, Santacruz, Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	03.08.1979
Date of Appointment :	03.05.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2013

Note:

SHAREHOLDING DETAILS FILE ATTACHED.

As on 24.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.93
Bodies corporate	0.01
Other top fifty shareholders	0.05
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in financing and lending activities.

Products :

Products Description	ITC Code No.
Financial and related services	9971
Investment Banking Services	99712000

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Borrowing	73.29	64.25
Total	73.29	64.25

Banking Relations :	---
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	2^nd Floor, 252 Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AAEFP3641G
Ultimate Controlling enterprise :	Bank of America Corporation
Controlling enterprise :	Merrill Lynch and Company Incorporation
Subsidiaries :	· DSP Merrill Lynch Capital Limited · DSP Merrill Lynch Trust Services Limited
Fellow Subsidiaries :	· Bank of America , N.A India Branches · Bank of America Securities (India) Private Limited · Bank of America Singapore Limited · BA Continuum India Private Limited · Indopark Holdings Limited · Merrill Lynch Asia Incorporated · Merrill Lynch (Asia Pacific) Limited · Merrill Lynch Australia Pty Limited · Merrill Lynch Canada Incorporation
	·

CAPITAL STRUCTURE

As on 24.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
73750000	Equity Shares	Rs.10/- each	Rs. 737.500 Million
810000000	Preference Share	Rs.10/- each	Rs. 8100.000 Million
	Total		Rs. 8837.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23160000	Equity Shares	Rs.10/- each	Rs. 231.600 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	231.600	231.600	6981.600
(b) Reserves & Surplus	20800.050	19630.690	18621.220
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	21031.650	19862.290	25602.820
(3) Non-Current Liabilities
(a) long-term borrowings	73.290	64.250	56.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	306.280	269.340	342.720
Total Non-current Liabilities (3)	379.570	333.590	399.220
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	8471.640	10361.620	10704.700
(c) Other current liabilities	365.600	426.310	466.690
(d) Short-term provisions	64.570	63.690	3211.650
Total Current Liabilities (4)	8901.810	10851.620	14383.040
TOTAL	30313.030	31047.500	40385.080
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	346.950	301.880	409.620
(ii) Intangible Assets	14.930	36.260	53.400
(iii) Capital work-in-progress	0.340	109.300	13.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8253.920	8253.920	8299.010
(c) Deferred tax assets (net)	248.090	293.920	357.960
(d) Long-term Loan and Advances	1399.800	1231.320	1844.100
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10264.030	10226.600	10977.290
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	73.950
(c) Trade receivables	2249.870	629.710	871.470
(d) Cash and cash equivalents	13985.220	19409.250	27962.760
(e) Short-term loans and advances	3720.150	404.100	217.820
(f) Other current assets	93.760	377.840	281.790
Total Current Assets	20049.000	20820.900	29407.790
TOTAL	30313.030	31047.500	40385.080

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3714.920	4629.160	5135.980
		Other Income	1822.780	3010.400	1982.140
		TOTAL (A)	5537.700	7639.560	7118.120
Less	EXPENSES
		Employees benefits expense	2358.800	2272.560	3120.290
		Other expenses	1512.420	1869.910	1727.470
		Exceptional Item	(298.150)	0.000	0.000
		TOTAL (B)	3871.220	4142.470	4847.760
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1666.480	3497.090	2270.360
Less	FINANCIAL EXPENSES (D)		10.330	9.090	5.650
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1656.150	3488.000	2264.710
Less/ Add	DEPRECIATION/ AMORTISATION (F)		175.990	219.240	283.770
	PROFIT BEFORE TAX (E-F) (G)		1480.160	3268.760	1980.940
Less	TAX (H)		608.950	1065.630	710.460
	PROFIT AFTER TAX (G-H) (I)		1169.360	2203.130	1270.480
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7019.710	12448.240	10860.42
Add	Balance in profit and loss account of DSP Merrill Lynch Securities Trading Limited		NA	NA	548.37
Less	APPROPRIATIONS
		Preference dividend	NA	193.090	202.500
		Redemption premium on preference shares	NA	565.500	0.000
		Dividend distribution tax	NA	123.070	28.530
		Transfer to capital redemption reserve created on redemption of preference shares	NA	6750.000	0.000
		Total	NA	7631.660	231.030
	BALANCE CARRIED TO THE B/S		8189.070	7019.710	12448.240
	Earnings Per Share (Rs.)		50.49	57.06	46.19

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	21.12	28.84	17.85
Net Profit Margin (PBT/Sales)	(%)	39.84	70.61	38.57
Return on Total Assets (PBT/Total Assets}	(%)	4.88	10.52	4.90
Return on Investment (ROI) (PBT/Networth)		0.07	0.16	0.08
Current Ratio (Current Asset/Current Liability)		2.25	1.92	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6981.600	231.600	231.600
Reserves & Surplus	18621.220	19630.690	20800.050
Net worth	25602.820	19862.290	21031.650
long-term borrowings	56.500	64.250	73.290
Short term borrowings	0.000	0.000	0.000
Total borrowings	56.500	64.250	73.290
Debt/Equity ratio	0.002	0.003	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5135.980	4629.160	3714.920
		(9.868)	(19.750)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5135.980	4629.160	3714.920
Profit	1270.480	2203.130	1169.360
	24.74%	47.59%	31.48%

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	Yes

Note:

Registered office of the company has been shifted from Mafatlal Centre, 10^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f.13.09.2010

CORPORATE UPDATE, OPERATIONS AND FUTURE OUTLOOK

The Indian economy slowed during the year due to the global slowdown, deceleration in capital expenditure by Indian companies and higher lending rates, with the gross domestic product (GDP) growing five per cent in 2012-2013. Higher inflation and the depreciating rupee have worsened the macroeconomic environment. The overall operating environment remained challenging through the year and continues to be so.

The Company participated in several marquee transactions in investment banking in 2012-13, with the deal flow picking up particularly in the second half of the year. But investment banking fees remained under pressure, and overall income was lower because of fewer M&A deals closing and debt raising by Indian companies being lower. Activity in primary markets showed signs of revival with equity raising during the year at US$ 15.1 billion, driven by government divestments, compared with US$ 9 billion in the previous year. Similarly, the announced cross-border M&A deal volumes increased marginally to US$ 23.9 billion during the financial year from US$ 22.4 billion in 2011-12.

The Indian stock market remained volatile and yielded a positive return of 8.2 per cent in 2012-13 against a negative return of 10 per cent during the previous fiscal year. Secondary markets witnessed considerably higher interest from institutional investors. The Company volumes increased but, due to increased competition, brokerage fees remained under pressure. During the year, FIIs bought approximately US$ 25.8 billion

of Indian equities as compared with US$ 9billion in 2011-12. But domestic institutional investors continued to be net sellers of about US$ 12.7 billion during the year.

The Company believes that the worst is over for the economy, though markets will remain volatile till the general elections in 2014. The government is taking measures to attract foreign investment in the capital markets and through the easing of foreign direct investment (FDI) norms. These steps are likely to have a positive impact in the coming quarters. We remain cautiously optimistic about the overall investment

banking climate in 2013-14.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10512791	11/07/2014	651,887.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C14960488
2	10514604	19/05/2014	985,470.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C16217952
3	10514596	16/05/2014	779,003.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C16213183
4	10497066	07/05/2014	599,110.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C05330865
5	10490945	12/04/2014	2,036,004.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C03973252
6	10513867	18/03/2014	396,041.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C15634090
7	10481406	22/02/2014	560,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B97979785
8	10476222	25/01/2014	1,478,829.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B95749560
9	10469715	17/12/2013	881,374.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B93334381
10	10461244	08/11/2013	660,868.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B89961684

* 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 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.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.