MIRA INFORM REPORT

Report No. :	305349
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	KPMG GLOBAL SERVICES PRIVATE LIMITED (w.e.f. 17.03.2011)
Formerly Known As :	KPMG GLOBAL ADVISORY (INDIA) PRIVATE LIMITED
Registered Office :	6^th Floor, Building No.10, Tower - C, DLF Cyber City, Phase - II, Gurgaon – 122 002, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.10.2010
Com. Reg. No.:	05-041413
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U74140HR2010PTC041413
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECK1495L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of providing Consulting and Advisory Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 part of reputed professional services provider “KPMG Group”. It is a well-established company having fine track. The company possesses a decent financial profile marked by adequate networth base and comfortable capital structure backed with sound liquidity position. Management has witnessed a significant increase in its revenue as well as profitability along with good margin during FY 14. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of reputed parentage, 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	6^th Floor, Building No.10, Tower - C, DLF Cyber City, Phase - II, Gurgaon – 122 002, Haryana, India
Tel. No. :	91-124-6128500/ 3074000
Fax No. :	91-124-6128700/ 2549101
E-Mail :	harshgoyal@kpmg.com
Website :	http://www.kpmg.com
Branch Office :	Located at: · Mumbai · Delhi · Bangalore · Chennai · Hyderabad · Kolkata · Pune · Kochi · Chandigarh · Ahmedabad

DIRECTORS

AS ON 29.09.2014

Name :

Natrajh Ramakrishna

Designation :

Director

Address :

1503, Odyssey II, 15^th Floor, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

28.05.1955

Date of Appointment :

29.09.2014

DIN No. :

06597041

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	U74140HR2010PTC041413	KPMG GLOBAL SERVICES PRIVATE LIMITED	Director	29-09-2014	11-11-2013	-	Active	NO
2	U93000HR2012PTC047387	KPMG GLOBAL SERVICES MANAGEMENT PRIVATE LIMITED	Director	29-09-2014	11-11-2013	-	Active	NO
3	U74140MH2005PTC153503	KPMG RESOURCE CENTRE PRIVATE LIMITED	Director	29-09-2014	11-11-2013	-	Active	NO
4	U74140MH1994PTC077060	KPMG INDIA PRIVATE LIMITED	Director	29-09-2014	11-11-2013	-	Active	NO
5	U74140MH1999PTC122186	KPMG ADVISORY SERVICES PRIVATE LIMITED	Director	29-09-2014	11-11-2013	-	Active	NO
6	AAB-8181	BSR AND CO. LLP	Designated Partner	14-10-2013	14-10-2013	31-10-2013	Active	NO
7	AAB-8182	BSR AND ASSOCIATES LLP	Designated Partner	14-10-2013	14-10-2013	31-10-2013	Active	NO
8	AAA-1964	KPMG INDIA SERVICES LLP	Designated Partner	18-11-2013	18-11-2013	-	Active	NO

Name :

Leo Gilles Sion

Designation :

Director

Address :

501, East 79^th Street, Apartment 20A, New York 10075

Date of Birth/Age :

23.09.1956

Date of Appointment :

20.09.2011

DIN No. :

03524705

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	U74140HR2010PTC041413	KPMG GLOBAL SERVICES PRIVATE LIMITED	Director	20-09-2011	02-05-2011	-	Active	NO
2	U93000HR2012PTC047387	KPMG GLOBAL SERVICES MANAGEMENT PRIVATE LIMITED	Director	10-10-2012	10-10-2012	-	Active	NO

Name :

Mr. Guy William Stallard

Designation :

Director

Address :

5, Bramble Close, Chalfont St Peter Bucks, United Kingdom SL90JP

Date of Birth/Age :

10.08.1966

Date of Appointment :

30.09.2013

DIN No. :

06398830

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	U74140HR2010PTC041413	KPMG GLOBAL SERVICES PRIVATE LIMITED	Director	30-09-2013	09-10-2012	-	Active	NO
2	U93000HR2012PTC047387	KPMG GLOBAL SERVICES MANAGEMENT PRIVATE LIMITED	Director	30-09-2013	09-11-2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Murali Balasubramanian
Designation :	Vice President
Name :	Mr. James Bull
Designation :	Senior Manager
Name :	Mr. Bikramjit Chaudhuri
Designation :	Director
Name :	Sanjitha Vijaykumar
Designation :	Vice President
Name :	Mr. Stephan Ploke
Designation :	Senior Manager
Name :	Julia Schiesser
Designation :	Manager
Name :	Prathap Katharikuppam
Designation :	Partner
Name :	Mr. Kapil Arora
Designation :	Partner
Name :	Mr. Ashish Sinha
Designation :	Chief Operating Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
KPMG Advisory Services Private Limited, India	10
GKAS (Mauritius) Limited, Republic of Mauritius	20
KPMG India Services LLP, India	10000
Total	10030

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	0.20
Bodies corporate	99.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing Consulting and Advisory Services.

Products/ Services :

Item Code No. (ITC Code)	Product/ Service Description
99831110	Strategic management consulting services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Long term maturities of finance lease obligations (Secured by way of hypothecation on respective leased assets)	232.706	273.565
Total	232.706	273.565

Banking Relations :	--
Auditors :
Name :	Sharma Goel and Co. LLP Chartered Accountants
Address :	C-43 Sector 8, Noida – 201 301, Uttar Pradesh, India
PAN No.:	AABFS1604B
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	GKAS (Mauritius) Limited, Mauritius
Fellow Subsidiary Company :	KPMG Resource Centre Private Limited, India (CIN No.: U74140MH2005PTC153503) KPMG Global Services Management Private Limited, India (CIN No.: U93000HR2012PTC047387)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	KPMG LLP UK KPMG LLP US

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10030	Equity Shares	Rs.10/- each	Rs.0.100 million

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	0.100	0.100	0.100
(b) Reserves & Surplus	443.739	232.820	90.587
(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)	443.839	232.920	90.687
(3) Non-Current Liabilities
(a) Long-term borrowings	232.706	273.565	286.051
(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	201.113	40.883	33.580
Total Non-current Liabilities (3)	433.819	314.448	319.631
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	360.469	231.758	100.336
(c) Other current liabilities	896.913	670.500	84.118
(d) Short-term provisions	439.625	275.785	152.868
Total Current Liabilities (4)	1697.007	1178.043	337.322
TOTAL	2574.665	1725.411	747.640
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	289.686	318.014	332.645
(ii) Intangible Assets	3.762	2.716	3.318
(iii) Capital work-in-progress	3.318	1.128	0.407
(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)	122.852	56.607	33.815
(d) Long-term Loan and Advances	101.791	38.923	49.513
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	521.409	417.388	419.698
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	245.347	382.903	68.083
(d) Cash and cash equivalents	493.436	259.230	87.675
(e) Short-term loans and advances	419.816	163.622	46.169
(f) Other current assets	894.657	502.268	126.015
Total Current Assets	2053.256	1308.023	327.942
TOTAL	2574.665	1725.411	747.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Professional Income	4052.575	2841.442	1589.197
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		821.706	558.054	313.780
Less/ Add	DEPRECIATION/ AMORTISATION		110.454	90.411	59.919
	PROFIT/ (LOSS) BEFORE TAX		711.252	467.643	253.861
Less	TAX		244.519	149.509	81.985
	PROFIT/ (LOSS) AFTER TAX		466.733	318.134	171.876
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		136.563	26.144	0.000
Less	APPROPRIATIONS
		Proposed equity dividend	218.654	151.349	81.367
		Tax on proposed equity dividend	37.160	24.553	13.199
		Transfer to General Reserve	46.673	31.813	51.166
	BALANCE CARRIED TO THE B/S		300.809	136.563	26.144
	Earnings / (Loss) Per Share (Rs.)		46533.70	31718.25	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	29.05	28.04	35.58
Return on Investment (ROI) (PBT/Networth)		1.60	2.01	2.80
Debt Equity Ratio (Total Debt/Networth)		0.52	1.17	3.15
Current Ratio (Current Asset/Current Liability)		1.21	1.11	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	90.587	232.820	443.739
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	90.687	232.920	443.839
Long Term borrowings	286.051	273.565	232.706
Short Term borrowings	0.000	0.000	0.000
Total borrowings	286.051	273.565	232.706
Debt/Equity ratio	3.154	1.175	0.524

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Professional Income	1,589.197	2,841.442	4,052.575
		78.797	42.624

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Professional Income	1,589.197	2,841.442	4,052.575
Profit	171.876	318.134	466.733
	10.82%	11.20%	11.52%

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	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

OVERVIEW:

The Company was incorporated as a private limited company under the Companies Act, 1956 on 21^st October, 2010 as KPMG Global Advisory (India) Private Limited. Subsequently the shareholders of the Company decided to change the name to ‘KPMG Global Services Private Limited’ and accordingly the application for name change was submitted to Registrar of Companies, National Capital Territory of Delhi and the name was approved with the Registrar of Companies effective 17^th March, 2011.

The company is engaged in the business of providing Consulting and Advisory Services.

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS

· Computers

· Office Equipment

· Furniture and Fixture

· Leasehold Improvement

· Vehicles

· Mobile Handset

WEBSITE DETAILS:

NEWS:

BIG FOUR ACCOUNTING FIRMS PWC, DELOITTE, KPMG, E&Y BACK IN CONSULTING BUSINESS

April 28, 2013

Sitting at the Monitor Deloitte office at Nariman Point in Mumbai, Roopen Roy, managing director of Deloitte and Touche Consulting, and Ambar Chowdhury of Monitor Deloitte make an odd pair. Roy has spent much of the past 25 years leading consulting practices of two of the Big Four accounting ; while Chowdhury flew into India just last year from Cambridge, Massachusetts, to lead the strategy boutique Monitor in India.

What makes the arrangement interesting is the backdrop. Usually the white-shoe consultants — read McKinsey, Bain, Booz and other such strategy firms — feel the Big Four consultants are competent but more suited for nuts and bolts kinds of engagements. And the Big Four consultants — Pricewaterhouse-Coopers (PwC), Ernst and Young (E&Y), KPMG and Deloitte — believe that the strat guys are good but...a tad overrated.

Yet at this table, both representatives are sitting on the same side, waxing eloquent about the benefits of having a great combined consulting offering. And the reason for the newfound bonhomie between Roy and Chowdhury is that Deloitte acquired Monitor early this year after the latter filed for bankruptcy. "With this acquisition Deloitte is making a big play into strategy consulting," says Roy with a big smile on his face. "The clients now get the whole package — from soup to nuts," seconds Chowdhury.

That Michael Porter-promoted Monitor Group was acquired by an accounting firm is being seen as yet another sign that the Big Four have crawled back into consulting in a big way. The move is part of the consulting world's new reality. Not only are the Big Four accounting firms back in consulting; they're back in a big, big way.

Big Bucks

That's a 360-degree turnaround from 2002 when following Enron's bankruptcy and the dissolution of Arthur Andersen, KPMG and PwC dumped their consulting arms; Ernst and Young had already done so in 2000. The sell-off was a reaction to a toughened up Sarbanes-Oxley Act that restricted the scope of non-audit services that could be offered to audit clients to limit any conflict of interest.

This led to a rash of sales of consulting divisions by the accounting firms — IBM for instance bought PwC's consulting arm, E&Y Consulting had already sold to CapGemini and KPMG did an IPO of KPMG Consulting, which then became BearingPoint. But by the time the Big Four's non-compete clauses expired — typically in three to five years — consulting was back as a high-focus area at the accounting firms.

"We are really driving the transformation space. CEOs come to us saying: 'I have a problem, can you fix this?' Now we say: 'we can help you fix not only the finance and the tax part, we can also help you fix people, processes, IT — all of it'," says Michael Andrew, global chairman, KPMG.

The envy of the bunch is Deloitte. The globally second-largest auditing firm tried hard to carve out an exit for its consulting arm and failed; so it then just decided to keep it — a move that in hindsight turned out to be a masterstroke. Deloitte closed 2012 with $12.5 billion in consulting and financial advisory fees, a figure that's more than the combined global revenues of BCG, Bain, AT Kearney and Booz.

The global push apart, in India too E&Y, PwC, KPMG and Deloitte have been quietly beefing up their consulting practice, ramping up fast in the past six years. A comparison with the top five strategy firms — McKinsey, BCG, Bain, AT Kearney, and Booz gives a peek into how big they are. A caveat, however: this is not quite an apple to apple comparison

Combined, the top five strategy firms have roughly 100 partners, and 1,000 client-facing consultants; their combined revenues would lie in the range of Rs.14000.000 millions to Rs.16000.000 millions. According to ET estimates arrived at after speaking with the business heads and industry experts, the business advisory arms of the Big Four would have close to 200 partners, 9,000 consultants and the combined revenues would be between Rs.16000.000 millions and Rs.18000.000 millions. Within the overall advisory business, the traditional consulting revenues would be in the range of Rs.11000.000 millions to Rs.12000.000 millions.

One-stop Shop

So what happened that made the Big Four jump back into consulting? Soon after the Enron controversy died, the accounting firms realised that regulations could be taken care of if they built a practice that largely consisted of non-audit clients where conflict situations didn't arise; and where there was overlap, they could always avoid selling certain services. And that's what they did. As of today in India, the consulting arm of E&Y has an overlap of around 30% with auditing clients, KPMG 10% and Deloitte under 10%.

In between, what worked in their favour was the change in the nature of clients' demands. With India galloping at 8%-plus growth rates in the mid-2000s (till 2008), clients rode along at a fast clip, diversifying, making acquisitions, raising capital, setting up greenfield projects.

All that called for advice across multiple fronts: strategy, operations, IT, M&A, HR-related issues, governance structures, among others. It was a godsend opportunity for the auditing firms which were positioned perfectly to take advantage of this turn in events. As it is they were deeply embedded within clients due to the long-term nature of their accounting/auditing/tax-related work.

The Big Four suddenly found there was a sweet spot in the lucrative consulting market that only they could exploit: a one-stop shop that could do bits of consulting work in different areas, as and when required. "We were like a department store that offered all kinds of services. We offered what suited our clients. The clients don't want to disclose information to all. And we were there offering a much wider spectrum of services," explains Richard Rekhi, CEO and head of advisory services, KPMG.

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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
-- PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		67

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.