MIRA INFORM REPORT

Report No. :	356499
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	RELIANCE CAPITAL ASSET MANAGEMENT LIMITED

Registered Office :	‘H’ Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400710, Maharashtra
Tel No.:	91-22-30479400

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.02.1995

Com. Reg. No.:	11-220793

Capital Investment / Paid-up Capital :	Rs.112.700 Million

CIN No.: [Company Identification No.]	U65910MH1995PLC220793

IEC No.:	Not Applicable (As claimed by company management that company does not export and import)

TAN No.: [Tax Deduction & Collection Account No.]	MUMR027433G

PAN No.: [Permanent Account No.]	AAACR2668G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	The Company's principal activity is to act as an investment manager to Reliance Mutual Fund (the Fund'), to provide Portfolio Management Services ('PMS') to clients under Securities and Exchange Board of India (SEBI). (Registered Activity)

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of “Reliance Capital Limited”. It is a well-established and reputed company having fine track. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but documents related to same for the financial year ending 2015 is not available from any other sources. As per available financials of the year 2014, the company possesses a sound financial risk profile marked by strong capital structure along with debt free capital structure of the company. Further, management has reported a decent revenue base along with high profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. In view of strong holding and experienced promoters, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund bases limits: AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	August 2015

Rating Agency Name	ICRA
Rating	Short term fund bases limits: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	August 2015

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-30479800)

LOCATIONS

Registered Office :	‘H’ Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India
Tel. No.:	91-22-30479800 / 30994600 /30479400
Fax No.:	91-22-30327202 / 30994699
E-Mail :	gajendra.thakur@relianceada.com rcap.info@relianceada.com dimple.mehta@relianceada.com
Website:	www.reliancemutual.com

Corporate Office :	570, Rectifier House, 2^nd Floor, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-30479800

Branch Office :	11^th and 12^th Floor, One India Bulls Centre, Tower 1 Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinston Road, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-30994600
Fax No.:	91-22-30994699

DIRECTORS

As on 31.03.2015

Name :	Mr. Kanu Harkisondas Doshi
Designation :	Director
Address :	102, Shivala, Khatau Road, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Date of Birth/Age :	13.04.1937
Qualification :	B.Com, B A, FCA (Chartered Accountant)
Date of Appointment :	09.06.2006
DIN No.:	00577409

Name :	Mr. Sushil Chandra Tripathi
Designation :	Director
Address :	27 Sector 15 A, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	01.01.1946
Qualification :	M.Sc (Physics Spl. Electronics), LLB, Postgraduate Diploma in Development Studies (Cantab), AIMA Diploma in Management
Date of Appointment :	24.07.2007
DIN No.:	00941922

Name :	Mr. Soumen Ghosh
Designation :	Director
Address :	Flat No. 1501, Lodha Aria, Plot No. 6/207, Tokersey Jivraj Road, Sewree (West), Mumbai – 400015, Maharashtra, India
Date of Birth/Age :	08.06.1959
Qualification :	B.Sc (Hons) Mechanical Engineering from University of London. ACA Institute of Chartered Accountants England and Wales
Date of Appointment :	07.06.2010
DIN No.:	01262099

Name :	Mr. Shinichi Okamoto
Designation :	Director
Address :	3-8-24-204, Higashikaigan Minami, Chigaski-Shi, Kanagawa, Japan – 253-0054
Date of Birth/Age :	04.06.1969
Date of Appointment :	27.06.2013
DIN No.:	06587324

Name :	Ameeta Chatterjee
Designation :	Director
Address :	Flat No. 10, 10th Floor, Sanghi Residency, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	24.03.2015
DIN No.:	03010772

KEY EXECUTIVES

Name :	Mr. Ajay Ramanlal Patel
Designation :	Manager
Address :	Flat No. 302, Mitasu Apartment, 05 Odhav Nagar, Near Ganesh Mandir, Borivali (East), Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	03.01.1966
Date of Appointment :	01.07.2012
PAN No.:	AAHPP7269H

Name :	Mr. Gajendra Singh Thakur
Designation :	Secretary
Address :	11 D/101, Spring Leaf, Building, Lokhandwala Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	24.07.1979
Date of Appointment :	09.08.2012
PAN No.:	ADEPT3605R

Name :	Mr. Prateek Jain
Designation :	Chief Finance Officer
Address :	E-403, Oberoi Splendor, Jogeshwari Vikhroli Link, Road, Opposite Majas Bus Depot, Jogeshwari East, Mumbai - 400060, Maharashtra, India
Date of Appointment :	28.07.2014
PAN No.:	ABWPJ8382R

Name :	Mr. Sundeep Sikka
Designation :	Chief Executive Officer
Address :	C- 2301, 23/24th Floor, Tower 1, Ashok Garden, Tokersey Jivraj Marg, Swan Mills Compound, Sewree, Mumbai - 400015, Maharashtra, India
Date of Appointment :	28.07.2014
PAN No.:	ADNPS7006G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Equity Shareholders (Equity Shares)	No. of Shares	Percentage of Shares %
Reliance Capital Limited, India	6477400	56.23
Reliance Capital Limited, India jointly with V R Mohan	100
Reliance Capital Limited, India jointly with Atul Kumar Tandon	100
Reliance Capital Limited, India jointly with Madan Chaturvedi	100
Reliance Capital Limited, India jointly with Parul Jain	100
Reliance Capital Limited, India jointly with Chetan Raval	100
Reliance Capital Limited, India jointly with Yogesh Deshpande	100
Reliance ADA Group Trustees Private Limited, India A/C Reliance Capital Asset Management Employees Benefits Trust	500000	4.34
EP Global Markets (Cayman) Limited	510000	4.43
Nippon Life Insurance Company, Japan	4032000	35.00
Total	11520000	100

Names of Equity Shareholders (Preference Shares)	No. of Shares	Percentage of Shares %

Reliance Television Private Limited	3000000	100
Total	3000000	100

AS ON 28.01.2015

Names of Equity Allottees (Preference Shares)	No. of Shares

Reliance Television Private Limited	3000000
Total	3000000

Equity Share Break up (Percentage of Total Equity)

As on 24.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	30.43
Bodies corporate	69.57
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company's principal activity is to act as an investment manager to Reliance Mutual Fund ( the Fund'), to provide Portfolio Management Services ('PMS') to clients under Securities and Exchange Board of India (SEBI) (Registered Activity)

Products :

Product / Services Description	Item Code No.
Portfolio Management services except pension funds	99715300

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	BSR and Company Chartered Accountants
Address :	1^st Floor Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB9852F

Memberships :	Not Available

Collaborators :	Not Available

Ultimate Holding Company:	Reliance Innoventures Private Limited

Holding Company:	Reliance Capital Limited, India [L65910MH1986PLC165645]

Wholly Owned Subsidiary:	Reliance Asset Management (Mauritius) Limited Reliance Asset Management (Singapore) Pte Limited Reliance AIF Management Company Limited, India [U74999MH2000PLC127497] Reliance Capital Asset Management (UK) Plc. Reliance Asset Management (Malaysia) SDN BHD

Subsidiary:	Reliance Capital Pension Fund Limited, India [U66020MH2009PLC191340]

Fellow Subsidiary:	Reliance General Insurance Company Limited, India [U66603MH2000PLC128300] Reliance Capital AIF Trustee Company Limited Reliance Money Express Limited, India [U74999MH2002PLC138032] Reliance Gilts Ltd, India [U66010MH2000PLC128301] Reliance Capital Trustee Company Limited Reliance Composite Insurance Broking Limited Reliance Venture Asset Management Private Limited (formerly Reliance Technology Ventures Private Limited) Reliance Money Precious Metals Private Limited (formerly Reliance Capital Research Private Limited.) Reliance Equity Advisors (India) Limited Reliance Consultants (Mauritius) Limited Quant Capital Securities Private Limited Reliance Home Finance Limited (formerly Reliance Home Finance Private Limited), India [U67190MH2008PLC183216] Reliance Capital (Singapore) Pte Limited Quant Investments Services Private Limited Reliance Securities Limited Reliance Commodities Limited Reliance Financial Limited Reliance Alternative Investments Services Private Limited Quant Broking Private Limited, India [U67110TZ2007PTC015839] Quant Capital Advisors Private Limited Quant Capital Finance and Investments Private Limited Quant Capital Private Limited Quant Commodities Private Limited Quant Commodity Broking Private Limited Quant Securities Private Limited Reliance Exchange next Limited Indian Agri Services Private Limited Reliance Money Solutions Private Limited Reliance Spot Exchange Infrastructure Limited Reliance Wealth Management Limited, India [U65999MH2009PLC189285] Reliance Investment Banking Services Limited QOPPA Trading Private Limited QCAP Trade Private Limited (Formerly Valankulam Investments and Trading Private Limited) Quant Alternative Asset Management Private Limited

CAPITAL STRUCTURE

AFTER 29.06.2015

Authorised Capital : Rs. 420.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 415.200 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

12000000	Equity Shares	Rs.10/- each	Rs.120.000 Million
350000	Preference Shares	Rs.100/- each	Rs.35.000 Million
	Total		Rs.155.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

11520000	Equity Shares	Rs.10/- each	Rs.115.200 Million
200000	Less : Amount recoverable from Reliance Capital Asset Management Employee Benefits Trust (ESOP Trust)	Rs.10/- each	Rs.2.000 Million
50000	Less : Amount recoverable from ESOP Trust	Rs.10/- each	Rs.0.500 Million
	Total		Rs.112.700 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	112.700	114.700	107.100
(b) Reserves & Surplus	13178.452	12090.702	11902.539
(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)	13291.152	12205.402	12009.639

(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	23.506	28.241	32.134
Total Non-current Liabilities (3)	23.506	28.241	32.134

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	730.429	502.691	818.721
(c) Other current liabilities	332.507	347.207	267.507
(d) Short-term provisions	2053.775	1918.590	1906.324
Total Current Liabilities (4)	3116.711	2768.488	2992.552

TOTAL	16431.369	15002.131	15034.325

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	110.930	157.101	184.280
(ii) Intangible Assets	25.574	36.502	10.656
(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	3240.050	3135.684	2235.863
(c) Deferred tax assets (net)	81.922	80.741	83.606
(d) Long-term Loan and Advances	1067.036	7830.379	8267.345
(e) Other Non-current assets	36.635	34.190	31.874
Total Non-Current Assets	4562.147	11274.597	10813.624

(2) Current assets
(a) Current investments	4297.222	2598.116	3774.345
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	87.515	121.525	89.976
(d) Cash and cash equivalents	309.598	403.395	120.015
(e) Short-term loans and advances	7042.158	558.507	223.387
(f) Other current assets	132.729	45.991	12.978
Total Current Assets	11869.222	3727.534	4220.701

TOTAL	16431.369	15002.131	15034.325

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	6618.043	5899.817	5413.422
	Other Income	1183.717	1226.924	1009.478
	TOTAL (A)	7801.760	7126.741	6422.900

Less	EXPENSES
	Employees benefits expense	1365.574	1325.232	1180.909
	Other expenses	2470.734	2586.252	1772.453
	Exceptional items	57.565	556.411	0.000
	TOTAL (B)	3893.873	4467.895	2953.362

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3907.887	2658.846	3469.538

Less	FINANCIAL EXPENSES (D)	0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3907.887	2658.846	3469.538

Less/ Add	DEPRECIATION/ AMORTISATION (F)	71.734	78.418	93.919

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3836.153	2580.428	3375.619

Less	TAX (I)	796.729	605.046	614.529

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	3039.424	1975.382	2761.090

	Balance Carried to the B/S	6954.981	6241.174	6350.249

	EARNINGS IN FOREIGN CURRENCY
	PMS Advisory Fees	NA	7.343	9.821
	TOTAL EARNINGS	NA	7.343	9.821

	Earnings / (Loss) Per Share (Rs.)
	Basic	275.28	177.93	262.71
	Diluted	274.03	177.00	260.23

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	2600.061	1227.414	2215.439

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	45.93	33.48	51.00

Operating Profit Margin (PBIDT/Sales)	(%)	59.05	45.07	64.09

Return on Total Assets (PBT/Total Assets}	(%)	29.26	21.89	26.55

Return on Investment (ROI) (PBT/Networth)		0.29	0.21	0.28

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		3.81	1.35	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	107.100	114.700	112.700
Reserves & Surplus	11902.539	12090.702	13178.452
Net worth	12009.639	12205.402	13291.152

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	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5413.422	5899.817	6618.043
		8.985	12.174

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5413.422	5899.817	6618.043
Profit	2761.090	1975.382	3039.424
	51.00%	33.48%	45.93%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: The registered office of the company has been shifted from Reliance House, Near Mardia Plaza, Off C G Road, Ahmedabad - 380006, Gujarat, India to the present address w.e.f. 23.07.2011

FINANCIALS

In accordance with Circular No. 2/2011 dated 8th February, 2011, issued by the Ministry of Corporate Affairs, Government of India, the Board of Directors has resolved on April 28, 2014, to accord their consent for not attaching to the Company’s annual accounts, the Balance sheets of its subsidiary companies. The Consolidated Financial Statements of the Company, alongwith that of its subsidiaries, for the year ended March 31, 2014 (duly audited by their respective statutory auditors) are forming part of this Annual Report.

The annual accounts of all the subsidiary companies and the related detailed information will be made available to the Shareholders of the Company seeking such information at any point of time. The annual accounts of all the subsidiary companies will also be kept at the Corporate Office of the Company, for inspection by the Shareholders. The Company shall furnish a hard copy of details of accounts of subsidiaries to any Shareholder on demand.

FUTURE OUTLOOK

The Indian Mutual Fund industry is growing steadily in the financial services sector with 44 AMCs currently operating in the country. The industry assets have grown at a CAGR of 18% since 1999, with Rs 9.05 Lakh Crores of assets as per quarter ended March 2014.

The Company continues to aggressively pursue growth opportunities in the fund management and investment advisory space, both at the domestic as well as at the international level. Given the country’s high household savings rate coupled with the current low levels of investments by retail investors where only less than 3% of the household savings are channeled into capital markets, the Company believes that the Mutual Fund Industry has a huge opportunity for growth and expansion. The Company expects that an emerging market like India would experience a sustained growth rate. Over 54% of the Industry AUM originates from the Top 5 cities which leaves untapped potential in other locations. In line with the SEBI regulations, the Company intends to improve penetration levels inTier III, Tier IV locations and increase use of technology to improve the investor experience. Being one of the largest players in the Industry , the Company will continue investing in growing the market size, achieving product innovation, educating the investors, increasing the distribution reach and enhancing customer service infrastructure with aggressive expansion strategies.

BACKGROUND

Subject was incorporated on 24 February 1995. The principal shareholder of the Company as at 31 March 2014 is Reliance Capital Limited. The Company’s principal activity is to act as an investment manager to Reliance Mutual Fund (the Fund) and to provide Portfolio Management Services (PMS) to clients under Securities and Exchange Board of India (SEBI) (Portfolio Managers) Regulations, 1993. The Company is registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996. The Company manages the investment portfolio of the Fund and provides various administrative services to the Fund as laid down in the Investment Management Agreement dated 12 August 1997.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	31.03.2014

Guarantees to Banks and Financials Institutions (against FD)	101.818
Claims against the Company not acknowledged as debts	22.036
Income tax demand not acknowledged as debts	10.682

FIXED ASSETS

Tangible assets

Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Leasehold improvements

Intangible assets

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 records 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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	KAM

Analysis Done by :	KIN

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		69

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.

MIRA INFORM REPORT

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unit