MIRA INFORM REPORT

Report Date :

21.02.2014

IDENTIFICATION DETAILS

Name :	ACCORD GROUP (INDIA) PRIVATE LIMITED
Registered Office :	#3, Dacres Lane, 1^st Floor, P.S. Hare Street, Kolkata – 700 069 West Bengal (w.e.f. 28.10.2002)
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.07.1991
Com. Reg. No.:	21-094523
Capital Investment / Paid-up Capital :	Rs.1.500 millions
CIN No.: [Company Identification No.]	U74140WB1991PTC094523
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Recruitment Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 722000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There are drastic dip in the profit of the company during 2013. However, reserves of the company seems to be good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Note: The CIN number mention in the enquiry page (U74140AS2001PTC006569) and in the report (U74140WB1991PTC094523) differ. The CIN number mention in the enquiry page which is not available for e filing as shown in the company status in Registrar of Companies. So, we are considering the CIN number mention in the report for further preparing the report.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 BY

Name :	Mr. Manoj Kumar
Designation :	Head of Finance
Contact No.:	91-22-66623853
Date :	19.02.2014

LOCATIONS

Registered Office :	#3, Dacres Lane, 1^st Floor, P.S. Hare Street, Kolkata – 700 069 West Bengal, India (w.e.f. 28.10.2002)
Tel. No.:	91-33-22420533
Fax No.:	91-33-22420597
E-Mail :	sajjan.agrawal@abcconsultants.in
Website :	http://www.accordindia.net

DIRECTORS

AS ON 19.09.2013

Name :

Ms. Sonal Agrawal

Designation :

Whole-Time Director and Chief Executive Officer

Address :

42, Jolly Maker Apartments No.3, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

13.11.1967

Qualification :

B.Sc., MBA

Experience :

23 Years

Date of Appointment :

06.07.2001

DIN No.:

00021900

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	U72200WB2000PTC094522	KQ STAFFING PRIVATE LIMITED	Director	04-05-2000	04-05-2000	-	Active	NO
2	U74140WB1991PTC094523	ACCORD GROUP (INDIA) PRIVATE LIMITED	Whole-time director	06-07-2001	06-07-2001	-	Active	NO
3	U92100MH2009PTC196849	INDRA MEDIA PRIVATE LIMITED	Director	01-11-2010	01-11-2010	05-09-2011	Active	NO
4	U74900WB2013PTC189702	HEADHONCHOS SOLUTIONS PRIVATE LIMITED	Director	11-01-2013	11-01-2013	-	Active	NO

Name :

Ms. Toral Patel

Designation :

Whole-Time Director

Address :

0005, Ashok Tower-A, Ground Floor, 63/74, Dr. B. Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

23.10.1971

Qualification :

B. Com., PGDPM

Experience :

20 Years

Date of Appointment :

01.01.2002

DIN No.:

00253428

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	U74140WB1991PTC094523	ACCORD GROUP (INDIA) PRIVATE LIMITED	Whole-time director	01-01-2002	01-01-2002	-	Active	NO
2	U65110WB1973PTC028870	A B C CONSULTANTS PRIVATE LIMITED	Director	02-12-2002	02-12-2002	18-04-2012	Active	NO
3	U72200WB2000PTC094522	KQ STAFFING PRIVATE LIMITED	Director	25-07-2005	25-07-2005	-	Active	NO
4	U74140DL2005PTC183947	EXPERIS SOLUTIONS PRIVATE LIMITED	Director	25-07-2005	25-07-2005	02-01-2007	Active	NO
5	U74910DL1997PTC085591	MANPOWERGROUP SERVICES INDIA PRIVATE LIMITED	Director	01-10-2005	01-10-2005	16-10-2008	Active	NO
6	U74999WB2010PTC154331	BPA ASSOCIATES MANAGEMENT PRIVATE LIMITED	Director	28-10-2010	28-10-2010	-	Active	NO

Name :

Ms. Rekha Jacob Koshy

Designation :

A-14, Palm View, S.T. Road, Chembur, Mumbai – 400 071, Maharashtra, India

Address :

Whole-Time Director

Date of Birth/Age :

13.06.1971

Date of Appointment :

11.05.2007

DIN No.:

01486492

KEY EXECUTIVES

Name :	Mr. Venkataraman K.
Designation :	Business Head
Name :	Mr. Jaideep Bajaj
Designation :	Business Head
Name :	Mr. Manoj Kumar
Designation :	Head of Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Bishwanath Prasad Agrawal	29999	20.00
Sonal Agrawal	29999	20.00
Suvarna Kumari Agrawal	29999	20.00
Toral Patel	29999	20.00
Shiv Agrawal	29999	20.00
BPA Associates Management Private Limited, India	5	0.00
Total	150000	100.00

AS ON 19.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Providing Recruitment Services.

Products/ Services :

Item Code No. (ITC Code)	99930009
Product/ Service Description	Executive Search and Selection

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· ICICI Bank Limited, R.N. Mukherjee Road, Kolkata – 700 001, West Bengal, India · Bank of Baroda

Banking Relations :	--
Auditors :
Name :	B. Thakur and Company Chartered Accountants
Address :	58-D, Alipore Road, Kolkata – 700 027, West Bengal, India
Tel. No.:	91-33-24799232
PAN No.:	ABIPT7712P

CAPITAL STRUCTURE

AS ON 19.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 millions

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	1.500	1.500	1.500
(b) Reserves & Surplus	178.966	176.946	150.864
(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)	180.466	178.446	152.364
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	1.578	0.867
(c) Other current liabilities	0.731	1.605	2.229
(d) Short-term provisions	1.053	21.226	7.482
Total Current Liabilities (4)	1.784	24.409	10.578
TOTAL	182.250	202.855	162.942
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.259	1.678	2.139
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.284	0.406	0.364
(d) Long-term Loan and Advances	11.484	0.034	0.537
(e) Other Non-current assets	0.000	32.107	29.557
Total Non-Current Assets	18.027	34.225	32.597
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	12.142	21.823	12.171
(d) Cash and cash equivalents	150.965	145.333	117.685
(e) Short-term loans and advances	1.093	1.450	0.467
(f) Other current assets	0.023	0.024	0.022
Total Current Assets	164.223	168.630	130.345
TOTAL	182.250	202.855	162.942

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	91.203	124.317	116.096
		Other Income	15.690	14.987	8.529
		TOTAL (A)	106.893	139.304	124.625
Less	EXPENSES
		Employee Benefits Expenses	77.535	54.305	77.835
		Other Expenses	23.413	26.121
		TOTAL (B)	100.948	80.426	77.835 (Including Financial and Depreciation)
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.945	58.878
Less	FINANCIAL EXPENSES (D)		0.704	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.241	58.878
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.721	0.476
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.520	58.402	46.790
Less	TAX (H)		1.447	20.117	15.833
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.073	38.285	30.957
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		150.596	128.364	110.109
Less	APPROPRIATIONS
		Proposed Dividend	0.900	10.500	4.500
		Interim Dividend	0.000	0.000	3.750
		Tax on distributed profits	0.153	1.703	1.352
		Transfer to General Reserve	0.310	3.850	3.100
	BALANCE CARRIED TO THE B/S		152.306	150.596	128.364
	EARNINGS IN FOREIGN CURRENCY
		Services rendered	1.487	41.871	7.721
	TOTAL EARNINGS		1.487	41.871	7.721
	Earnings / (Loss) Per Share (Rs.)		20.49	255.23	206.38

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.87	27.48	24.84
Net Profit Margin (PBT/Sales)	(%)	4.96	46.98	40.30
Return on Total Assets (PBT/Total Assets}	(%)	2.48	28.85	28.78
Return on Investment (ROI) (PBT/Networth)		0.03	0.33	0.31
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		92.05	6.91	12.32

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	1.500	1.500	1.500
Reserves & Surplus	150.864	176.946	178.966
Net worth	152.364	178.446	180.466
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	116.096	124.317	91.203
		7.081	-26.637

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Revenue from Operations	116.096	124.317	91.203
Profit	30.957	38.285	3.073
	26.67%	30.80%	3.37%

LOCAL AGENCY FURTHER INFORMATION

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	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	--
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

Note:

No Charges Exist for Company

FIXED ASSETS:

· Plant and Equipment

· Furniture and Fixture

· Office Equipment

· Air Conditioners

· Electric Installations

· Vehicles

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.62.28
UK Pound	1	Rs.103.84
Euro	1	Rs.85.70

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.