MIRA INFORM REPORT

Report Date :

12.06.2014

IDENTIFICATION DETAILS

Name :	GRANT THORNTON ADVISORY PRIVATE LIMITED (w.e.f.04.01.2010)
Formerly Known As :	GRANT THORNTON INDIA PRIVATE LIMITED
Registered Office :	L 41, Connaught Circus, Outer Circle, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.06.2001
Com. Reg. No.:	55-111284
Capital Investment / Paid-up Capital :	Rs. 1.155 Millions
CIN No.: [Company Identification No.]	U74110DL2001PTC111284
TAN No.: [Tax Deduction & Collection Account No.]	DELG05414D
PAN No.: [Permanent Account No.]	AABCG8341G
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Assurance, Tax and Advisory Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track record. The company possesses a weak financial profile marked by slight increase in its revenue from operations, whereas has reported consecutive losses incurred from its operations which have further eroded the networth of the company during FY13. However, business is active. Payment terms are reported as slow. The subject can be considered for business dealings on a safe and secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Amit Aggarwal
Designation :	Account Head
Contact No.:	91-11-42787070
Date :	11.06.2014

LOCATIONS

Registered/ National Office :	L 41, Connaught Circus, Outer Circle, New Delhi – 110001, India
Tel. No.:	91-11-42787070
Fax No.:	Not Available
E-Mail :	contact@in.gt.com newdelhi@in.gt.com
Website :	http://www.grantthornton.in vinod.chandiok@in.gt.com
Branch Offices :	Located at: · Bengaluru · Chandigarh · Chennai · Gurgaon · Hyderabad · Kolkata · Mumbai · Noida · Pune

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vinod Chander Chandiok

Designation :

Director

Address :

228, Surya Niketan, Vikas Marg, New Delhi – 110092, India

Date of Birth/Age :

29.11.1948

Date of Appointment :

15.06.2001

DIN No.:

00008023

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	Company/ LLP Status	Defaulting status
1	U74899DL1984PTC019139	UNRAVEL MERCANTILE PRIVATE LIMITED	Director	26/09/1984	26/09/1984	Active	NO
2	U74899DL1982ULT011422	SAWAN INVESTMENT COMPANY	Director	21/01/1987	21/01/1987	Active	NO
3	U67120DL1996PTC079067	ASHISH FINSTOCK PRIVATE LIMITED	Director	18/08/1996	18/08/1996	Active	NO
4	U72900DL2000PTC104343	GT PROTEC CONSULTANTS PRIVATE LIMITED	Director	18/03/2000	18/03/2000	Active	NO
5	U74899DL2000PTC104359	BELIEVE INFOTECH PRIVATE LIMITED	Director	18/03/2000	18/03/2000	Active	NO
6	U74899DL1972PTC006236	WALKER CHANDIOK ADVISORY PRIVATE LIMITED	Director	22/05/2000	22/05/2000	Active	NO
7	U55101DL1982PTC014476	ASHWIN HOLDNGSPRIVATE LIMITED	Director	14/11/2000	14/11/2000	Active	NO
8	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	15/06/2001	15/06/2001	Active	NO
9	U74996DL2006PTC149661	WALKER HOTELS PRIVATE LIMITED	Director	12/06/2006	12/06/2006	Active	NO
10	U70109DL2006PTC149828	WALKER HOLDINGS PRIVATE LIMITED	Director	19/06/2006	19/06/2006	Active	NO
11	U70102GA2006PTC004869	ONE WORLD PROPERTY DEVELOPERS PRIVATE LIMITED	Director	19/02/2007	19/02/2007	Active	NO
12	U74140DL2012PTC238887	GRANT THORNTON GLOBAL DELIVERY PRIVATE LIMITED	Director	14/07/2012	14/07/2012	Active	NO
13	U74999KA2012FTC065099	GT US SHARED SERVICES CENTER INDIA PRIVATE LIMITED	Director	23/10/2013	18/09/2012	Active	NO
14	AAC-2085	WALKER CHANDIOK & CO LLP	Designated Partner	25/03/2014	25/03/2014	Active	NO

Name :

Mr. Vishesh Chander Chandiok

Designation :

Director

Address :

F-3, Anand Niketan, New Delhi – 110021, India

Date of Birth/Age :

14.11.1974

Date of Appointment :

15.06.2001

DIN No.:

00016112

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	U74899DL1972PTC006236	WALKER CHANDIOK ADVISORY PRIVATE LIMITED	Director	11/01/2000	11/01/2000	-	Active	NO
2	U74899DL1984PTC019139	UNRAVEL MERCANTILE PRIVATE LIMITED	Director	11/01/2000	11/01/2000	-	Active	NO
3	U74899DL1982ULT011422	SAWAN INVESTMENT COMPANY	Director	11/01/2000	11/01/2000	-	Active	NO
4	U74899DL2000PTC104359	BELIEVE INFOTECH PRIVATE LIMITED	Director	18/03/2000	18/03/2000	29/12/2006	Active	NO
5	U72900DL2000PTC104343	GT PROTEC CONSULTANTS PRIVATE LIMITED	Director	18/03/2000	18/03/2000	-	Active	NO
6	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	15/06/2001	15/06/2001	-	Active	NO
7	U22222DL1986PTC025385	JOHN TINSON AND COMPANY PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
8	U67120DL1996PTC079067	ASHISH FINSTOCK PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO
9	U74996DL2006PTC149661	WALKER HOTELS PRIVATE LIMITED	Director	30/06/2006	30/06/2006	-	Active	NO
10	L65921DL1983PLC016509	BRITE LEASING AND FINANCE LIMITED	Director	29/09/2007	30/11/2006	-	Active	NO
11	U55202DL2005PLC140593	RTC FOODWORKS LIMITED	Director	19/09/2008	04/12/2007	-	Amalgamated	NO
12	U80901MH1935PTC002285	THE BRITISH INSTITUTE OF ENGG TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	27/09/2008	20/08/2008	-	Active	NO
13	U74140DL2012PTC238887	GRANT THORNTON GLOBAL DELIVERY PRIVATE LIMITED	Director	14/07/2012	14/07/2012	-	Active	NO
14	AAA-7677	GRANT THORNTON INDIA LLP	Designated Partner	19/01/2012	19/01/2012	-	Active	NO

Name :

Isht Pal Singh

Designation :

Director

Address :

W-129, Greater Kailash II, New Delhi – 110048, India

Date of Birth/Age :

20.11.1940

Date of Appointment :

12.04.2003

DIN No.:

00017800

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	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	12/04/2003	12/04/2003	-	Active	NO
2	U74899DL1972PTC006236	WALKER CHANDIOK ADVISORY PRIVATE LIMITED	Director	12/04/2003	12/04/2003	-	Active	NO
3	U74899DL2000PTC104359	BELIEVE INFOTECH PRIVATE LIMITED	Director	05/07/2004	05/07/2004	29/12/2006	Active	NO
4	L74899HR1962PLC002618	FRICK INDIA LIMITED	Director	29/09/2007	30/04/2007	-	Active	NO
5	AAC-2085	WALKER CHANDIOK & CO LLP	Designated Partner	25/03/2014	25/03/2014	-	Active	NO

Name :

Ms. Pallavi Joshi Bakhru

Designation :

Director

Date of Birth/Age :

18.09.1967

Date of Appointment :

29.09.2012

DIN No.:

01526618

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	U74140DL2005PTC131799	ADVENT CORPORATE SERVICES PRIVATE LIMITED	Director	04/01/2005	04/01/2005	17/02/2012	Active	NO
2	U74140DL2011PTC224572	TECHSTRATEGYLABS INDIA PRIVATE LIMITED	Director	05/09/2011	05/09/2011	-	Active	NO
3	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	29/09/2012	27/06/2012	-	Active	NO
4	L74899DL1962PLC003634	HINDUSTAN EVEREST TOOLS LIMITED	Director	30/09/2013	10/04/2013	-	Active	NO
5	L17119DN1990PLC000091	FILATEX INDIA LTD(TR.CO.FROM DELHI)	Additional director	20/09/2013	20/09/2013	-	Active	NO

Name :

Mr. Vikesh Harish Mehta

Designation :

Director

Address :

228, Suraya Niketan, Vikas Marg, New Delhi – 110092, India

Date of Birth/Age :

24.08.1970

Date of Appointment :

15.05.2009

DIN No.:

01815617

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	U22190DL2002PTC117948	PERFECT DIGITAL MEDIA RESOURCES PRIVATE LIMITED	Director	09/12/2002	09/12/2002	01/04/2007	Active	NO
2	U74910DL2004PTC124663	CONTACT RECRUITMENT (INDIA) PRIVATE LIMITED	Director	16/02/2004	16/02/2004	06/08/2008	Strike off	NO
3	U72900KA2004PTC070740	THOROGOOD ASSOCIATES INDIA PRIVATE LIMITED	Director	08/03/2004	08/03/2004	15/03/2005	Active	NO
4	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	15/05/2009	15/05/2009	-	Active	NO
5	U74899DL1972PTC006236	WALKER CHANDIOK ADVISORY PRIVATE LIMITED	Director	15/05/2009	15/05/2009	-	Active	NO
6	U51505UP2002PTC026572	CHEEKOTEL VENTURE FUND PRIVATE LIMITED	Director	29/09/2011	01/02/2011	-	Active	NO
7	U92412UP2009PTC037043	ANYTIME PICTURES PRIVATE LIMITED	Director	14/04/2011	14/04/2011	-	Active	NO
8	U22200UP2010PTC042542	ANYTIME MEDIA PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
9	U74899DL1994PTC063710	SMG CORPORATE SERVICES & INVESTMENTS PRIVATE LIMITED	Director	01/04/2012	01/04/2012	-	Active	NO
10	U74140DL2012PTC238887	GRANT THORNTON GLOBAL DELIVERY PRIVATE LIMITED	Director	14/07/2012	14/07/2012	-	Active	NO
11	U74120MH2013PLC239535	SME CAPITAL MARKET CORPORATION LIMITED	Director	10/01/2013	10/01/2013	-	Active	NO
12	AAA-7677	GRANT THORNTON INDIA LLP	Designated Partner	19/01/2012	19/01/2012	-	Active	NO

Name :

Mr. David Jones

Designation :

Director

Date of Birth/Age :

10.12.1975

Date of Appointment :

29.09.2012

DIN No.:

05314038

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	Company/ LLP Status	Defaulting status
1	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	29/09/2012	27/06/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Aggarwal
Designation :	Account Head
Name :	Subramanyam Venkata Gutala
Designation :	Client Service Director
Date of Birth/Age :	49 Years
Qualification :	BE, MBA
Experience :	24 Years
Date of Appointment :	10.02.2011
Name :	Munesh Khanna
Designation :	Client Service Director
Name :	Suresh Kumar
Designation :	Client Service Director
Name :	Lav Goyal
Designation :	Client Service Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Walker Chandiok Advisory Private Limited, India (earlier known as Walker Chandiok Grant Thornton Private Limited)	57740
Vishesh Chander Chandiok	57755
H V Harish	1
Narayanamoni Mahadevan	1
Venkateshwaran Sai	1
Vikesh Harish Mehta	1
Vinamra Shastri	1
Total	115500

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Assurance, Tax and Advisory Services.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	B M Rallan and Company Chartered Accountants
Address :	1/24, Asaf Ali Road, Bansi House, Delhi – 110002, India
Income-tax PAN of auditor or auditor's firm :	AIFPS6401E
Subsidiary Company :	Grant Thornton Global Delivery Private Limited [U74140DL2012PTC238887]
Entities over which KMP or their relatives are able to exercise significant control :	· Walker Chandiok and Company · Grant Thornton India LLP · Walker Chandiok Advisory Private Limited · Sawan Investment Company · GT Protec Consultants Private Limited · Ashish Finstock Private Limited · Walker Mercantile Private Limited · One World Property Developers Private Limited · Unravel Mercantile Private Limited · Walker Chandiok and Associates · Walker Holding Private Limited · Ashwin Holding Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
115,500	Equity Shares	Rs. 10/- each	Rs. 1.155 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	1.155	1.155	1.155
(b) Reserves & Surplus	(85.472)	(65.921)	22.251
(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)	(84.317)	(64.766)	23.406
(3) Non-Current Liabilities
(a) long-term borrowings	220.150	220.150	220.150
(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)	220.150	220.150	220.150
(4) Current Liabilities
(a) Short term borrowings	58.900	19.400	0.000
(b) Trade payables	9.959	13.763	12.616
(c) Other current liabilities	6.525	10.710	4.029
(d) Short-term provisions	16.079	18.305	14.573
Total Current Liabilities (4)	91.463	62.178	31.218
TOTAL	227.296	217.562	274.774
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.083	20.156	21.228
(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	0.197	0.098	0.098
(c) Deferred tax assets (net)	1.689	2.167	0.047
(d) Long-term Loan and Advances	18.277	24.355	57.042
(e) Other Non-current assets	0.400	0.400	0.000
Total Non-Current Assets	80.646	47.176	78.415
(2) Current assets
(a) Current investments	5.011	25.214	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	46.528	32.657	17.229
(d) Cash and cash equivalents	27.868	22.856	90.774
(e) Short-term loans and advances	67.080	89.549	88.346
(f) Other current assets	0.163	0.110	0.010
Total Current Assets	146.650	170.386	196.359
TOTAL	227.296	217.562	274.774

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		(19.551)	(88.172)	1.635
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(65.921)	22.251	20.616
	BALANCE CARRIED TO THE B/S		(85.472)	(65.921)	22.251
	EARNINGS IN FOREIGN CURRENCY
		Consultancy fee	31.303	3.085	0.102
		Re-imbursement of Brand Development Costs	54.204	48.703	45.328
	TOTAL EARNINGS		85.507	51.788	45.430
	Earnings/ (Loss) Per Share (Rs.)
	Basic		(169.28)	(763.40)	14.15
	Diluted		(29.59)	(519.87)	--

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	(3.31)	(3.70)	9.41
Current Ratio (Current Asset/Current Liability)	1.60	2.74	6.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.155	1.155	1.155
Reserves & Surplus	22.251	(65.921)	(85.472)
Net worth	23.406	(64.766)	(84.317)
long-term borrowings	220.150	220.150	220.150
Short term borrowings	0.000	19.400	58.900
Total borrowings	220.150	239.550	279.050
Debt/Equity ratio	9.406	(3.699)	(3.310)

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	No
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Fully Compulsorily Convertible Debenture	220.150	220.150
SHORT TERM BORROWINGS
From Limited Liability Partnership in which the Company is a Partner	58.900	19.400
Total	279.050	239.550

FIXED ASSETS:

· Furniture and Fixture

· Computers

· Office Equipments

· Telephone Equipments

· Books

· Electrical fittings

· Air conditioner

· Leasehold improvement

· 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. 59.33
UK Pound	1	Rs. 99.42
Euro	1	Rs. 80.32

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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	--

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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.