MIRA INFORM REPORT

Report No. :	301703
Report Date :	06.01.2015

IDENTIFICATION DETAILS

Name :	MANAPPURAM HOME FINANCE PRIVATE LIMITED (w.e.f. 04.09.2014)
Formerly Known As :	MILESTONE HOME FINANCE COMPANY PRIVATE LIMITED
Registered Office :	Door No. 501, 5th Floor, Aishwarya Business Plaza, CST Road, Santacruz (East), Mumbai -400098, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.10.2010
Com. Reg. No.:	11-208754
Capital Investment / Paid-up Capital :	Rs. 111.000 Millions
CIN No.: [Company Identification No.]	U65923MH2010PTC208754
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into Housing finance Business
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Yet to Commence its Commercial operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though, the company was incorporated on 07/10/2010 is it yet to commerce its commercial operations. Madam Bindu A.L. (Finance Manager) has denied to disclose any information about the subject to us. However, business is active as per the status shown in the registrar of companies. Payment terms are reported to be unknown. The company can be considered for business dealings on 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.

EXTERNAL AGENCY RATING

Not Available

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 :	Madam Bindhu A.L
Designation :	Finance Manager
Contact No.:	91-22-26674311
Date :	03.01.2015

LOCATIONS

Registered Office/Corporate Office 1 :	Door No. 501, 5th Floor, Aishwarya Business Plaza, CST Road, Santacruz (East), Mumbai -400098, Maharashtra, India
Tel. No.:	91-22-26674311
Fax No.:	91-22-26674311
E-Mail :	cs.sreedivya@manappuram.com customerservice@manappuram.com
Website :	http://www.manappuram.com
Corporate Office/Administrative Office:	Manappuram House, P.O – Valapad, Thrissur District - 680 567 , Kerala, India
Tel. No.:	91-487-3050000/3050108/3050170/3050413
Fax No.:	91-487-2399298
E-Mail :	customerservice@manappuram.com

DIRECTORS

As on: 21.07.2014

Name :	Mr. Vazhappully Padmanabhan Nandakumar
Designation :	Director
Address :	Padma Saroj, Vazhappilly House Kothakulam Beach Road, Valapad, Thrissur – 680567, Kerala, India
Date of Birth/Age :	18.05.1954
Date of Appointment :	21.07.2014
DIN No.:	00044512
Name :	Mr. Unnikrishnan Idicharam Veetil
Designation :	Director
Address :	Mannath House, Mannath Lane, Thrissur – 680001, Kerala, India
Date of Birth/Age :	25.02.1964
Date of Appointment :	21.07.2014
DIN No.:	01773417
Name :	Mrs. Nanda Kumaran Puthezhath
Designation :	Director
Address :	Mithila, TRRA 26, Kalapurackal Lane, Thevarakavu Road, thrippunithura, Ernakulam – 682301, Kerala, India
Date of Birth/Age :	30.05.1953
Date of Appointment :	21.07.2014
DIN No.:	02547619
Name :	Mr. Thotanchath Balakrishnan
Designation :	Director
Address :	9 – C, SFS Kingswood, Jawaharnagar, Kowdiyar, Trivandrum – 695003, Kerala, India
Date of Birth/Age :	03.10.1951
Date of Appointment :	21.07.2014
DIN No.:	00052922

KEY EXECUTIVES

Name :	Shree Divya S.
Designation :	Secretary
Address :	Devadeyam, Palliyil, Valapad, Thrissur – 680567, Kerala, India
Date of Appointment :	14.03.2014
PAN No.:	ASHPB8220A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 21.07.2014

Names of Shareholders	No. of Shares
I. Unnikrishnan Kunjan Nair	1
Manappuram Finance Limited, India	11099999
Total	11100000

Equity Share Break up (Percentage of Total Equity)

As on: 21.07.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into Housing finance Business
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the Management

Bankers :

• Axis Bank Limited
• Kotak Mahindra Bank Limited
• HDFC Bank Limited

Auditors :
Name :	Rajendra K Goel and Company Chartered Accountants
Address :	J-288, Ground Floor, Saket, Delhi-110017, India
Tel. No.:	91-11-29551642/29555354
Fax No.:	91-11-29555036
E-Mail :	rejendrakgoelco@gmail.com
PAN :	AAEFR3835Q
Memberships :	Not Available
Collaborators :	Not Available
Holding Company	Manappuram Finance Limited, [Ownership of more than one half of the voting power (w.e.f 12th March 2014)] CIN No. L65910KL1992PLC006623

CAPITAL STRUCTURE

As on 21.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11100000	Equity Shares	Rs.10/- each	Rs.111.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	111.000	41.000	21.000
(b) Reserves & Surplus	4.291	1.217	0.860
(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)	115.291	42.217	21.860
(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	0.030	0.021	0.020
(c) Other current liabilities	0.000	0.082	0.003
(d) Short-term provisions	1.071	0.000	0.144
Total Current Liabilities (4)	1.101	0.103	0.167
TOTAL	116.392	42.320	22.027
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	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	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	112.111	41.458	20.579
(e) Short-term loans and advances	0.100	0.175	0.002
(f) Other current assets	4.181	0.687	1.446
Total Current Assets	116.392	42.320	22.027
TOTAL	116.392	42.320	22.027

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	0.000	0.000	0.000
		Other Income	5.568	1.754	1.808
		TOTAL	5.568	1.754	1.808
Less	EXPENSES
		Other expenses	0.790	1.088	0.181
		TOTAL EXPENSES	0.790	1.088	0.181
	PROFIT/ (LOSS) BEFORE TAX )		4.778	0.666	1.627
Less	TAX		1.704	0.308	0.506
	PROFIT/ (LOSS) AFTER TAX		3.074	0.358	1.121
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.921	0.635	(0.262)
Less	APPROPRIATIONS
	Transfer to Special Reserve		0.615	0.072	0.224
	BALANCE CARRIED TO THE B/S		3.380	0.921	0.635
	Earnings/ (Loss) Per Share (Rs.)		0.50	0.12	0.61

Note: There is some calculation error in the Profit before Tax for the financial year 2014. So, we have rectified it and mentioned the correct figure of Profit before Tax.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.11	1.57	7.39
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.07
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		105.71	410.87	131.90

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	21.000	41.000	111.000
Reserves & Surplus	0.860	1.217	4.291
Net worth	21.860	42.217	115.291
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 Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1.808	1.754	5.568
		(2.987)	217.446

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1.808	1.754	5.568
Profit	1.121	0.358	3.074
	62.00%	20.41%	55.21%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: Registered Office of the company has been shifted from “602, Hallmark Business Plaza, Sant Dnyaneshwar Marg, Opposite Guru Nanak Hospital, Bandra (East), Mumbai – 400051, Maharashtra, India” to the present address w.e.f. 17.03.2014.

FINANCIAL RESULT:

During the year also, the company could not commence its commercial operation. However, the company was able to earn other income of Rs. 5.568 Millions in the form of interest on Fixed Deposits. As per the directions of NHB the company has increased its Net Owned Fund (NOF) to the stipulated level and the NOF as on 31st March 2014 is Rs. 115.291 Millions and the company is in the process of obtaining requisite approvals and setting up of infrastructure for commencing the commercial operations.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

• Building
• Land
• Vehicle
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Computer Equipment

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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~102	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.