MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	HANSA RESEARCH GROUP PRIVATE LIMITED
Registered Office :	Sahney Business Centre, Building "A", First Floor, Plot No. 27, Kirol Road, Vidyavihar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	30.09.2013
Date of Incorporation :	18.04.1994
Com. Reg. No.:	11-238382
Capital Investment / Paid-up Capital :	Rs. 3.840 Millions
CIN No.: [Company Identification No.]	U72300MH1994PTC238382
Legal Form :	Private Limited Liability Company
Line of Business :	The company specializes in media, telecom, financial services, consumer products, and technology. It offers search services, collage consulting, direct marketing, and wrap around services for HR, as well as produces television content.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 290000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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. Surendra
Designation :	Manager
Contact No.:	91-22-61798600
Date :	01.10.2014

LOCATIONS

Registered Office / Head Office:	Sahney Business Centre, Building "A", First Floor, Plot No. 27, Kirol Road, Vidyavihar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-022- 6179 8600
Fax No.:	Not Available
E-Mail :	info@hansagcr.com info@hansa-marketing.com skswamy@rksbbdo.com
Website :	http://www.hansaresearch.com www.hansagcr.com www.hansa-marketing.com
Global Market Research Agency 1 :	5/18, 2nd Floor, Langford Road, Above Madhu Tyres (MRF) Next to Richmond Flyover, Bangalore - 560 025, Karnataka, India
Tel. No.:	91-080-43417800
Fax No.:	91-80-4341 7801
Global Market Research Agency 2 :	17A/58, W.E.A. Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-4147 5500
Research offices  :	Located At : · Portland · Chicago

DIRECTORS

AS ON 30.09.2013

Name :

Narasimhan Krishnaswamy

Designation :

Director

Address :

Kshitij, 12, 1^st Floor, 30 Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.05.1957

Date of Appointment :

18.04.1994

DIN No. :

00219883

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	U70101TN1993PTC025261	HANSA ESTATES PRIVATE LIMITED	Director	16/06/1993	16/06/1993	-	Amalgamated	NO
2	U92490TN1986PTC013610	HANSAVISION PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Amalgamated	NO
3	U72300MH1994PTC238382	HANSA RESEARCH GROUP PRIVATE LIMITED	Director	18/04/1994	18/04/1994	-	Active	NO
4	U74900TN1988PTC015819	HANSA VISION INDIA PRIVATE LIMITED	Director	30/09/1994	30/09/1994	-	Active	NO
5	U64202TN2000PTC046223	HANSAZONE PRIVATE LIMITED	Director	30/11/2000	30/11/2000	-	Active	NO
6	U74300TN1973PTC006304	R.K.SWAMY BBDO PRIVATE LIMITED	Whole-time director	26/06/2013	30/06/2001	-	Active	NO
7	U99999MH1994NPL076530	MEDIA RESEARCH USERS COUNCIL	Director	16/09/2003	16/09/2003	28/09/2007	Active	NO
8	U29132MH1969PTC014340	VIJAY TANKS AND VESSELS Private Limited	Director	30/09/2004	30/09/2004	11/03/2011	Active	NO
9	U72501TN2008PTC066614	HANSA CUSTOMER EQUITY PRIVATE LIMITED	Director	27/02/2008	27/02/2008	-	Active	NO
10	U72200KA2000PTC027109	I-VISTA DIGITAL SOLUTIONS PRIVATE LIMITED	Director	05/10/2008	05/10/2008	-	Active	NO
11	U74300MH2009PTC221477	BBDO INDIA PRIVATE LIMITED	Director	04/06/2009	04/06/2009	-	Active	NO
12	U74900TN2009PTC072651	HANSA DIRECT PRIVATE LIMITED	Director	24/08/2009	24/08/2009	-	Active	NO
13	U74900TN2010NPL075821	PEOPLE DEVELOPMENT	Director	26/05/2010	26/05/2010	-	Active	NO
14	U55101TN1997PTC087032	PIZZERIA FAST FOODS RESTAURANTS (MADRAS) PRIVATE LIMITED	Nominee director	20/05/2011	20/05/2011	-	Active	NO

Name :

Srinivasan Krishna Swamy

Designation :

Director

Address :

Old No.30 (New No. 55), Priothvi Avenue, Abiramapuram Fourth Street, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

15.07.1954

Date of Appointment :

30.09.1994

DIN No. :

00505093

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	U74300TN1973PTC006304	R.K.SWAMY BBDO PRIVATE LIMITED	Managing director	29/04/1982	29/04/1982	-	Active	NO
2	U70101TN1993PTC025261	HANSA ESTATES PRIVATE LIMITED	Director	16/06/1993	16/06/1993	-	Amalgamated	NO
3	U74900TN1988PTC015819	HANSA VISION INDIA PRIVATE LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
4	U92490TN1986PTC013610	HANSAVISION PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Amalgamated	NO
5	U72300MH1994PTC238382	HANSA RESEARCH GROUP PRIVATE LIMITED	Director	30/09/1994	30/09/1994	-	Active	NO
6	U64202TN2000PTC046223	HANSAZONE PRIVATE LIMITED	Director	30/11/2000	30/11/2000	-	Active	NO
7	U91200MH1985GAP037820	THE ADVERTISING STANDARDS COUNCIL OF INDIA	Director	06/09/2006	06/09/2006	-	Active	NO
8	U72501TN2008PTC066614	HANSA CUSTOMER EQUITY PRIVATE LIMITED	Director	27/02/2008	27/02/2008	-	Active	NO
9	U72200KA2000PTC027109	I-VISTA DIGITAL SOLUTIONS PRIVATE LIMITED	Director	05/10/2008	05/10/2008	-	Active	NO
10	U74300MH2009PTC221477	BBDO INDIA PRIVATE LIMITED	Director	04/06/2009	04/06/2009	-	Active	NO
11	U74900TN2009PTC072651	HANSA DIRECT PRIVATE LIMITED	Director	24/08/2009	24/08/2009	-	Active	NO
12	U74300MH1991GAP062428	INDIA CHAPTER OF INTERNATIONAL ADVERTISING ASSOCIATION.	Director	16/09/2009	16/09/2009	-	Active	NO
13	U74900TN2010NPL075821	PEOPLE DEVELOPMENT	Director	26/05/2010	26/05/2010	-	Active	NO
14	U45200TN2011PTC078852	SV Structural Consultants Private Limited	Director	17/01/2011	17/01/2011	-	Active	NO
15	U55101TN1997PTC087032	PIZZERIA FAST FOODS RESTAURANTS (MADRAS) PRIVATE LIMITED	Nominee director	20/05/2011	20/05/2011	-	Active	NO
16	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14/09/2012	14/09/2012	-	Active	NO
17	U73100DL2010NPL205584	BROADCAST AUDIENCE RESEARCH COUNCIL	Additional director	14/01/2013	14/01/2013	13/03/2013	Active	NO

Name :

Ashok Kumar Das

Designation :

Managing director

Address :

B-605, Lake Side CHS Limited, Raheja Vihar, 6^th Floor, Chandivli Farm Road, Tungwa Powai, Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

06.12.1954

Date of Appointment :

17.04.2002

DIN No. :

01022647

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	U72300MH1994PTC238382	HANSA RESEARCH GROUP PRIVATE LIMITED	Managing director	17/04/2002	17/04/2002	-	Active	NO
2	U65923MH2011PTC221826	Silverleaf Capital Services Private Limited	Director	01/08/2012	01/08/2012	-	Active	NO

Name :

Vathsala Ravindran

Designation :

Director

Address :

4, Jeevan Dhara, Dr. Ambedkar Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

06.10.1948

Date of Appointment :

17.04.2002

DIN No. :

01037420

KEY EXECUTIVES

Name :	Mr. Surendra
Designation :	Manager

Name :	S Dhanapal and Associates
Designation :	Practicing Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
R K Sawamy BBDO Private Limited, India	6000
Hansa Vision India Private Limited, India	854529
Ashok Kumar Das	286971
Vathsala Ravindran	4500
Total	1152000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	74.70
Directors or relatives of Directors	25.30
Total	100.00

BUSINESS DETAILS

Line of Business :

The company specializes in media, telecom, financial services, consumer products, and technology. It offers search services, collage consulting, direct marketing, and wrap around services for HR, as well as produces television content.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of Patiala, Commercial Branch, Atlanta, 1st Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

· Indian Overseas Bank, Breach Candy Branch, 65/67, Mazda Mansion, Bhulabhai Desai Road, Breach Candy, Mumbai - 400026, Maharashtra, India

· The Shamrao Vithal Co-Operative Bank Limited, Anand Building, 82/84, Kazi Syed Street, Mandvi,, Mumbai - 400003, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan	4.355	0.000
SHORT TERM BORROWINGS
From Banks
Cash Credit	30.223	24.998
Others	0.000	0.034
Current maturities of long term debt	4.440	0.000
Total	39.018	25.032

Note

LONG TERM BORROWINGS

Details of Security

Term, Loan_

Primary Security First charge on the fixed asset of the company& second charge on current assets of the company.

Collateral Security

-Equitable mortgage on the flat at C-l Basement, Usha Sadan, Near Colab, Post Office, Mumbai - 400 005, Maharashtra, India

- Equitable mortgage on the flat no. 9 A Block, Usha Sadan, Near Colaba Post Office, Mumbai - 400 005, Maharashtra, India

Terms of Repayment and Interest

Term Loan - Rs 10.000 Millions- Interest @ Base Rate+2.75% payable in 26 monthly installments of Rs.0.370 Million.

Term Loan- 23 monthly installments of Rs.0.370 Million. /due as on 31.03.2013.

SHORT TERM BORROWINGS

Details of Security

Cash Credit

Primary Security : First charge on the fixed asset of the company& second charge on current assets of the company.

Collateral Security

-Equitable mortgage on the flat at C-l Basement, Usha Sadan, Near Colaba Post Office, Mumbai - 400 005, Maharashtra, India

- Equitable mortgage on the flat no. 9 A Block. Usha Sadan. Near Colaba Post Office, Mumbai - 400 005, Maharashtra, India

Term loans

Primary Security : First charge on the fixed asset of the company& second charge on current assets of the company.

Collateral Security

-Equitable mortgage on the flat at C-l Basement, Usha Sadan, Near Colaba Post Office, Mumbai - 400 005, Maharashtra, India

- Equitable mortgage on the flat no. 9 A Block. Usha Sadan. Near Colaba Post Office, Mumbai - 400 005, Maharashtra, India

Terms of Repayment and Interest

Cash Credit Rs. 30.000 Millions - Interest @ Base Rate+2.50% renewable every year.

Term Loan - Rs 10.000 Millions- Interest @ Base Rate+2.75% payable in 26 monthly installments of Rs.0.370 Million.

Term Loan- 23 monthly installments of Rs.0.370 Million. /due as on 31.03.2013.

Banking Relations :	--
Auditors :
Name :	Guru and Ram Chartered Accountants
Address :	"Shreyas" #26, Dr. Radhakrishnan Salai, 9th Street Mylapore, Chennai – 600004, Tamilnadu India
Tel. No.:	91-44-28474701 / 02
Fax No.:	91-44-28474703
Email :	gururam@gurumurthy.net
PAN No.:	AADSG7126N
Holding Company :	Hansa Vision India Private Limited
Enterprises controlled by Directors of the company :	· R K Swamy BBDO Private Limited · Hansa Zone Private Limited · Hansa Marketing USA Inc., USA · Hansa GCR LLC, USA · Customer Equity Solutions Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,152,000	Equity Shares	Rs.10/- each	Rs. 11.520 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4, 00,000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
384000	Equity Shares	Rs.10/- each	Rs. 3.840 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	3.840	3.840	3.840
(b) Reserves & Surplus	66.267	55.489	45.604
(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)	70.107	59.329	49.444
(3) Non-Current Liabilities
(a) long-term borrowings	4.355	0.000	0.000
(b) Deferred tax liabilities (Net)	2.479	2.037	1.223
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.696	9.619	9.246
Total Non-current Liabilities (3)	17.530	11.656	10.469
(4) Current Liabilities
(a) Short term borrowings	140.172	72.204	227.234
(b) Trade payables	20.814	31.754	21.633
(c) Other current liabilities	10.510	66.020	57.819
(d) Short-term provisions	39.034	29.864	41.696
Total Current Liabilities (4)	210.530	199.842	348.382
TOTAL	298.167	270.827	408.295
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.120	17.520	12.382
(ii) Intangible Assets	0.369	0.741	0.444
(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	0.100	0.100	97.031
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.589	18.361	109.857
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	121.923	122.349	125.611
(d) Cash and cash equivalents	6.469	66.524	57.674
(e) Short-term loans and advances	149.186	63.593	115.153
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	277.578	252.466	298.438
TOTAL	298.167	270.827	408.295

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Gross Revenue from operations	347.454	328.825	307.370
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	23.493	20.892	34.431
Less/ Add	DEPRECIATION/ AMORTISATION	7.422	5.640	7.563
	PROFIT/ (LOSS) BEFORE TAX	16.071	15.252	26.868
Less	TAX	5.292	5.367	8.798
	PROFIT/ (LOSS) AFTER TAX	10.779	9.885	18.070
	EARNINGS IN FOREIGN CURRENCY
	Fees & Other Services	75.546	87.350	46.820
	TOTAL EARNINGS	75.546	87.350	46.820
	EARNINGS / (LOSS) PER SHARE (RS.)	28.07	25.74	47.06

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.39	5.63	8.63
Return on Investment (ROI) (PBT/Networth)		0.23	0.26	0.54
Debt Equity Ratio (Total Debt /Networth)		2.06	1.22	4.60
Current Ratio (Current Asset/Current Liability)		1.32	1.26	0.86

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	3.840	3.840	3.840
Reserves & Surplus	45.604	55.489	66.267
Net worth	49.444	59.329	70.107
long-term borrowings	0.000	0.000	4.355
Short term borrowings	227.234	72.204	140.172
Total borrowings	227.234	72.204	144.527
Debt/Equity ratio	4.596	1.217	2.062

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	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	No

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10357979	09/04/2012	45,000,000.00	INDIAN OVERSEAS BANK	BREACH CANDY BRANCH, 65/67, MAZDA MANSION, BHULAB HAI DESAI ROAD, BREACH CANDY, MUMBAI, MAHARASHTRA - 400026, INDIA	B40549271

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
From Related Parties	105.509	47.173
Total	105.509	47.173

NOTE :

The registered office of the company has been shifted from 105, Anand Complex, 189-A Sane Guruji Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India to the present address w.e.f. 23.09.2013.

FIXED ASSETS

· Furniture and Fixture

· Air Conditioner

· Plant and Machinery

· Office Equipment

· Vehicles

· Computer software

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

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

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.