MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	MILES SOFTWARE SOLUTIONS PRIVATE LIMITED
Registered Office :	311 Bussa Industrial Estate, Shanker Narampath Off S B Marg, Lower Parel (West), Mumbai - 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.03.1999
Com. Reg. No.:	11-119143
Capital Investment / Paid-up Capital :	Rs.1.299 Millions
CIN No.: [Company Identification No.]	U72200MH1999PTC119143
TAN No.: [Tax Deduction & Collection Account No.]	MUMM12956G
Legal Form :	Private Limited Liability Company
Line of Business :	Development and Supply of Software and Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1730000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

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

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

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

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-66168300)

LOCATIONS

Registered Office :	311 Bussa Industrial Estate, Shanker Narampath Off S B Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-66168300
Fax No.:	91-22-24970508
E-Mail :	rakeshs@milessoft.com
Website :	www.milessoft.com
Corporate Office :	801/806, B Wing, Trade World, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66518400
Fax No.:	91-22-24970508
E-Mail :	info@milessoft.com
Development Center :	C-408/413, Trade World, Kamala Mills Compound, S.B. Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-66168300
Fax No.:	91-22-24970508
E-Mail :	info@milessoft.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Milan Ganatra

Designation :

Director

Address :

1, Shyam Kunj, 86, Walkeshwar Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

12.02.1971

Date of Appointment :

26.03.1999

DIN No.:

00322540

Name :

Mr. Rama Ganatra

Designation :

Director

Address :

1, Shyam Kunj, 86, Walkeshwar Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

25.07.1939

Date of Appointment :

26.03.1999

DIN No.:

00322611

Name :

Mr. Mukul Gulati

Designation :

Director

Address :

65/ 41, West Punjabi Bagh, New Delhi 110026, India

Date of Birth/Age :

06.07.1973

Date of Appointment :

12.05.2008

DIN No.:

00746183

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	U31300DL1994PTC060704	MAXOP ENGINEERING COMPANY PRIVATE LIMITED	Nominee director	19/02/2006	19/02/2006	09/09/2011	Active	NO
2	U74140KA2006PTC038676	ZEPHYR PEACOCK MANAGEMENT INDIA PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
3	U80300DL1996PLC075185	WLC COLLEGE (INDIA) LIMITED	Nominee director	25/06/2007	25/06/2007	19/12/2013	Active	NO
4	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Alternate director	31/07/2007	31/07/2007	10/06/2010	Active	NO
5	U72200MH1999PTC119143	MILES SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	12/05/2008	12/05/2008	-	Active	NO
6	U74900KA2007PTC055316	ZP India Advisory Private Limited	Director	13/09/2010	14/09/2009	-	Active	NO
7	U64203GJ2004PTC045175	METRO WIRELESS ENGINEERING (INDIA) PRIVATE LIMITED	Director	30/09/2010	04/08/2010	30/04/2012	Amalgamated	NO
8	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Nominee director	01/10/2010	01/10/2010	12/07/2013	Active	NO
9	U24239TG2005PTC048133	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	17/12/2010	-	Active	NO
10	U40109GJ1998PTC034860	Flareum Technologies Private Limited	Additional director	13/12/2011	13/12/2011	05/07/2012	Active	NO
11	U45400AP2008PLC057182	PENNAR ENGINEERED BUILDING SYSTEMS LIMITED	Nominee director	30/07/2013	21/03/2013	-	Active	NO
12	U45201KA2010PTC052810	E to E Transportation Infrastructure Private Limited	Director	30/09/2013	26/08/2013	-	Active	NO

Name :

Mr. Mukund Krishnaswami

Designation :

Additional director

Address :

101, E Shearwater Ct. Apt. 66, Jersey City, NJ 07305 USA

Date of Birth/Age :

11.06.1975

Date of Appointment :

29.12.2008

DIN No.:

02191368

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	U15532KL1998PLC012576	IMPERIAL SPIRITS LIMITED	Director	04/07/2007	04/07/2007	-	Active	NO
2	U74140MH2006PTC160158	Lighthouse Advisors (India) Private Limited	Director	29/09/2008	07/05/2008	-	Active	NO
3	L29309PN1991PLC063045	INNOVENTIVE INDUSTRIES LIMITED	Director	29/11/2008	07/06/2008	04/08/2010	Active	NO
4	U92141MH2007PTC166998	WORDS INFOCOM Private LIMITED.	Nominee director	29/09/2008	20/06/2008	27/12/2010	Active	NO
5	U72200MH1999PTC119143	MILES SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
6	U74990MH2008PTC189076	CONCEPT HOSPITALITY PRIVATE LIMITED	Additional director	12/03/2009	12/03/2009	31/03/2011	Active	NO
7	U74140MH1996PTC100860	CONCEPT HOSPITALITY Private LIMITED	Additional director	13/07/2009	13/07/2009	31/03/2011	Amalgamated	NO
8	U74999DL1996PTC079004	IDISCOVERI EDUCATION PRIVATE LIMITED	Director	14/07/2010	14/07/2010	-	Active	NO
9	U99999MH1981PTC025958	BOMBAY CENTRAL HOLDINGS AND TRADING CO PRIVATE LIMITED	Director	16/09/2010	16/09/2010	-	Active	NO
10	U67190MH2011PTC212008	OREO CAPITAL ADVISORS PRIVATE LIMITED	Director	08/01/2011	08/01/2011	-	Active	NO

Name :

Mr. Dhawal Vasant Kamath

Designation :

Director

Address :

C-101, ICICI Apartment, Lallubhai Park Road, Andheri, Mumbai - 400058, Maharashtra, India

Date of Birth/Age :

08.02.1975

Date of Appointment :

29.04.2009

DIN No.:

02418956

Name :

Mr. Hemanshu Pramod Siria

Designation :

Director

Address :

C/102, Siddhivinayak Apartment, Haridas Nagar, Shimpoli Road, Borivali (West), Mumbai - 400092, Maharashtra, India

Date of Birth/Age :

07.01.1977

Date of Appointment :

29.04.2009

DIN No.:

02419751

Name :

Stephen Edward Canter

Designation :

Additional director

Address :

71, East, 77th St. 6D, New York, New York 10075 USA

Date of Birth/Age :

18.07.1945

Date of Appointment :

12.05.2008

DIN No.:

02512388

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	U72200MH1999PTC119143	MILES SOFTWARE SOLUTIONS PRIVATE LIMITED	Additional director	12/05/2008	12/05/2008	-	Active	NO
2	U74900KA2007PTC055316	ZP India Advisory Private Limited	Director	13/09/2010	09/10/2009	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Milan Ganatra	52548
Rama Ganatra	1796
Kruti Ganatra	33592
Manharkant Ganatra	796
Zephyr Peacock India, Mauritius	1
India 2020 Limited, Mauritius	1
Total	88734

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Development and Supply of Software and Services.

GENERAL INFORMATION

Customers :	· Abu Dhabi Commercial Bank · Axis Bank · Bank Dhofar · Bank of Bahrain and Kuwait · Bank Sarasin-Alphen (Middle-East) · Deutsche Bank, India · ICICI Bank · ING Vysya Bank · National Bank of Oman (NBO) · DSP Merrill Lynch · Edelweiss Financial Services · ENAM Securities · JM Financial · Morgan Stanley · Motilal Oswal Securities · SMC Group
No. of Employees :	Information denied by management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Kamdar Desai and Patel Chartered Accountants
Address :	Vasaikar House, 296 Cadell Road, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AAAFK6984H
Subsidiary Company :	· Miles Software Solutions FZ LLC · Miles Software (ME) FZE

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
107000	Equity Shares	Rs.10/- each	Rs.1.070 Millions
43000	Preference Shares	Rs.10/- each	Rs.0.430 Million
	Total		Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88734	Equity Shares	Rs.10/- each	Rs.0.887 Million
41223	Preference Shares	Rs.10/- each	Rs.0.412 Million
	Total		Rs.1.299 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	1.299	1.299	1.233
(b) Reserves & Surplus	430.993	429.029	351.992
(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)	432.292	430.328	353.225
(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	0.000	0.000
(c) Other current liabilities	56.049	47.226	55.282
(d) Short-term provisions	137.765	134.101	117.158
Total Current Liabilities (4)	193.814	181.327	172.440
TOTAL	626.106	611.655	525.665
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.213	8.352	10.074
(ii) Intangible Assets	0.338	0.564	0.290
(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	102.836	143.346	157.258
(c) Deferred tax assets (net)	0.419	0.419	0.149
(d) Long-term Loan and Advances	31.072	11.356	0.457
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	140.878	164.037	168.228
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	307.441	283.818	220.238
(c) Trade receivables	(0.036)	7.710	3.715
(d) Cash and cash equivalents	11.077	11.256	10.979
(e) Short-term loans and advances	166.746	144.834	122.505
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	485.228	447.618	357.437
TOTAL	626.106	611.655	525.665

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		228.423	238.770	220.981
		Other Income		NA	NA	13.891
		TOTAL (A)		NA	NA	234.872
Less	EXPENSES
		TOTAL (B)		NA	NA	156.384
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			NA	NA	78.488
Less	FINANCIAL EXPENSES (D)			NA	NA	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			5.083	44.933	78.488
Less	DEPRECIATION/ AMORTISATION (F)			2.843	3.79	3.023
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			2.240	41.143	75.465
Less	TAX (H)			0.276	14.039	22.706
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1.964	27.104	52.759
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			201.919	174.815	122.056
	BALANCE CARRIED TO THE B/S			203.883	201.919	174.815
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	50.871	90.025	25.490
	TOTAL EARNINGS			50.871	90.025	25.490
	Earnings Per Share (Rs.)
	Basic			22.13	305.45	594.58
	Diluted			22.13	186.79	406.89

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	22.46
Net Profit Margin (PBT/Sales)	(%)	0.98	17.23	34.15
Return on Total Assets (PBT/Total Assets}	(%)	0.43	8.79	20.49
Return on Investment (ROI) (PBT/Networth)		0.01	0.10	0.21
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.50	2.47	2.07

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	1.233	1.299	1.299
Reserves & Surplus	351.992	429.029	430.993
Net worth	353.225	430.328	432.292
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
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	220.981	238.770	228.423
		8.050	(4.333)

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	220.981	238.770	228.423
Profit	52.759	27.104	1.964
	23.87%	11.35%	0.86%

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	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

OPERATIONS AND FUTURE OUTLOOK

The Company has expanded its business in international market. The outlook of the business is good in view of healthy order book and pipeline.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

NEWS:

MILES IS RANKED AMONGST THE 10 MOST PROMISING BFSI SOFTWARE SOLUTION PROVIDERS BY CIO REVIEW

As we endeavor to move closer to become a global technology solutions provider in the wealth and asset management space, it gives us great satisfaction and pride to know that our company is ranked amongst the 10 most promising BFSI software solution providers by India’s most widely read technology publication, CIO Review. These rankings are published in the August issue of the CIO review.

MILES HONORED WITH THE ‘BEST OEM/BPO PARTNER – 2012’ BY SAP

Miles has been honored by SAP, a recognized market leader in the enterprise applications and business analytics as the ‘Best OEM/BPO Partner – 2012’ at the recently held SAP Partner Summit in Mumbai. It’s a remarkable achievement for Miles as this has been the first award bestowed on us within the first year of our partnership. SAP awards are presented annually to the top SAP partners who have excelled in developing and growing their partnership with SAP. These awards recognize the leading SAP partners across a wide variety of categories, including making the best use of SAP BO technology, OEMs, sustainability, technology, support,

Services and outsourcing.

Miles has developed more than 200 reports and 20 odd dashboards by using the SAP BO solution. Miles launched BARS (Business Analytics & Reporting Services) in partnership with SAP in June 2012 at the first customer meet.

PRESS RELEASE

MILES SOFTWARE INTEGRATES PORTFOLIO RISK AND PERFORMANCE ANALYTICS ACROSS MONEYWARE® SUITE OF SOLUTIONS THROUGH THE ACQUISITION OF BEANS AND INTELLECT

India – June 30, 2014: Miles Software Solutions (P) Limited a leading provider of technology solutions for the global Wealth and Asset Management industry today announced the acquisition of the business and the Intellectual Property of the privately held Beans and Intellect Financial Technology Private Limited, a leading provider of technology and consulting services in the area of Portfolio and Risk analytics.

Beans and Intellect is a niche and focused player in the financial services space specializing in delivering quantitative portfolio risk analytics to financial institutions in India, Middle East and South East Asia. The company owns IP in the highly demanding area of portfolio risk and performance analytics.

“One of the key trends driving the growth in the analytics space is the increased need to understand, measure, manage, and report risk. It is now inevitable for portfolio managers to ascertain Portfolio risk under any given economic scenario. This move will further enhance our product value proposition and will serve as a differentiated value to our customers. We will soon be launching the integrated solution with our existing platform and the same will be available as a service on the cloud” adds Mr. Milan Ganatra, CEO, Miles Software

“Over a period of six years Beans has built credibility with alliance partners and customers. We believe the market is poised for high growth in the areas such as portfolio risk and analytics. With our established strengths in these areas, we were looking for an aggressive and large organization which would provide us the synergy, help us with investments and carry us to the big league. We are happy to have joined hands with Miles Software” adds, Anshuman Verma, CEO, Beans and Intellect.

About Miles Software Solutions Private Limited

Founded in 1999, Miles is a leading provider of technology solutions to Wealth and Asset Management firms across the world.

Miles is headquartered in Mumbai, India and has offices in UAE. We cater to the needs of over 250 global customers across leading financial institutions in India, Asia Pacific, Middle East, Africa and Europe. Majority of the portfolio and wealth management business in India is catered by Miles.

The company has a diverse clientele which includes private banking institutions, asset management companies, brokerage firms, wealth advisors, financial institutions and family offices. Their deep understanding of financial services business, extensive domain expertise and experience in managing scalable implementations of large and small scale enterprises has enabled us to build long-lasting relationships with our customers and provide significant value to their business.

MoneyWare™, our flagship product offers robust functionality and scalable and integrated solutions enabling organizations to accelerate business performance.

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.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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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