MIRA INFORM REPORT

Report No. :	348370
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	HSBC SOFTWARE DEVELOPMENT (INDIA) PRIVATE LIMITED
Registered Office :	HSBC Centre, Riverside West Avenue, 25B Raheja Woods, Kalyani Nagar, Pune – 411006, Maharashtra
Tel. No.:	91-20-26681030
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.04.2002
Com. Reg. No.:	11-016894
Capital Investment / Paid-up Capital :	Rs.327.264 Million
CIN No.: [Company Identification No.]	U72200PN2002PTC016894
IEC No.:	3102001700
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCH0517M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject undertakes high quality value add IT services, acts as in-house software development centre and develops IT solutions.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	HSBC Software Development India Private Limited was incorporated as on 4^th April 2002 is a subsidiary of HSBC ASIA HOLDINGS BV, UNITED KINGDOM It is an established and reputed company having excellent track. Available financial indicates robust financial risk profile marked by strong networth position with negligible debt and strong liquidity along with decent profit margin of the company. The rating also takes into consideration HSBC established position in banking and financial services. Fundamentals of the company are strong and healthy. The rating also takes into consideration company’s well experienced, knowledgeable, resourceful and respectable management team. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Amit Kulkarni
Designation :	Finance Controller
Contact No.:	91-20-26681030
Date :	04.11.2015

LOCATIONS

Registered Office :	HSBC Centre Riverside West Avenue, 25B Raheja Woods, Kalyani Nagar, Pune – 411006, Maharashtra, India
Tel. No.:	91-20-26681030
Fax No.:	Not Available
E-Mail :	amitarunkulkarni@hsbc.co.in
Website:	www.hsbcsoftwaredevelopment.com
Global Technology Centres:	Locate at: Pune Hyderabad
Overseas Branches:	Locate at: United Kingdom United State of America

DIRECTORS

As on 10.09.2014

Name :	Mr. Christopher Richard Rogers
Designation :	Whole Time Director
Address :	Flat No. 1102, Eleventh Floor, Waterfront Complex, Kalyani Nagar, Pune – 411006, Maharashtra, India
Date of Birth/Age :	26.0.1960
Date of Appointment :	26.07.2012
DIN No.:	06384215
Name :	Mr. Richard Frederick Farrand
Designation :	Director
Address :	No. 6, Jalan Beringin, 4 Damansara Heights, 50490, Kuala Lumpur, Malaysia
Date of Birth/Age :	02.02.1961
Date of Appointment :	13.12.2011
DIN No.:	02035768
Name :	Mr. Manjula Muthukrishnan
Designation :	Director
Address :	B-401, Pinnac Kanchanganga, Off D P Road, Aundh, Pune - 411007, Maharashtra, India
Date of Appointment :	10.09.2015
DIN No.:	07283815
Name :	Mr. Peter John Clark
Designation :	Director
Address :	Malabar Court, Flat No. 2, Ground Floor, 14, Ridgeway, Malabar Hill, Pune – 400006, Maharashtra, India
Date of Birth/Age :	12.08.1965
Date of Appointment :	26.03.2014
DIN No.:	06870013

KEY EXECUTIVES

Name :	Mr. Amit Arun Kulkarni
Designation :	Secretary/ Finance Controller
Address :	102, Nav Saraswati CHS, Auronoday Society, Vishnu Nagar, Mahatma Phule Road, Dombivali, Thane – 421202, Maharashtra, India
Date of Birth/Age :	11.12.1980
Date of Appointment :	11.07.2013
PAN No.:	AUSPK8444J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2014

Names of Shareholders	No. of Shares
HSBC Asia Holdings BV, United Kingdom	32726399
HSBC Group Nominees (UK) Limited, United Kingdom	1
Total	32726400

Equity Share Break up (Percentage of Total Equity)

As on 10.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject undertakes high quality value add IT services, acts as in-house software development centre and develops IT solutions.

Product/Services :

Item Code No.	Product/Services Description
85238020	Discs with Information Technology Software

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 declined by the Management

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
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

Facilities :

Secured Loan4	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	35.290	32.860
Total	35.290	32.860

Financial Institute:	HSBC Software Development (India) Private Limited, Bund Gardern Road, Null Pune – 411001, Maharashtra, India
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Dhole Patil Road, Pune 411001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	HSBC Asia Holding BV, United Kingdom
Ultimate Holding company:	HSBC Holdings Plc, London UK
Intermediate Holding company:	HSBC Finance (Netherland) HSBC Holdings BV HSBC Asia Holding UK
Other related parties (fellow subsidiaries) with whom transactions have taken place during the year:	Banco Hsbc (Costa Rica) Sa Hang Seng Bank (China) Limited Hang Seng Bank Limited Hsbc Electronic Data Processing (Guangdong) Limited. Hsbc Argentina S .A Hsbc Asset Management India Private Limited Hsbc Bank (Chile) Hsbc Bank (China) Companay Limited Hsbc Bank (Panama) S.A. Hsbc Bank (Vietnam) Limited. Hsbc Bank A.S Turkey (Hbtr) Hsbc Bank Australia Limited Hsbc Bank Brazil Hsbc Bank Canada Hsbc Bank France Hsbc Bank International Limited Hsbc Bank Kazakhstan Hsbc Bank Malaysia Berhad Hsbc Bank Malta P.L.C. Hsbc Bank Middle East Limited Hsbc Bank Oman S.A.O.G Hsbc Bank Plc Hsbc Bank Plc Paris Branch Hsbc Bank Plc. Greece Hsbc Bank Us (Hbus) Hsbc Electronic Data Processing (India) Private Limited Hsbc Electronic Data Processing (Malaysia) Sdn Bhd Hsbc Electronic Data Processing (Philippines) Inc Hsbc Electronic Processing Lanka Private Limited Hsbc Finance Transformation (Uk) Limited Hsbc Global Asset Management (France) Hsbc Global Resourcing (Uk) Limited Hsbc Holdings Plc Hsbc Institutional Trust Services Hsbc Insurance (Asia-Pacific) Holdings Limited Hsbc Insurance Singapore Pte Limited. Hsbc Investdirect Securities (India) Limited Hsbc Life Insurance Company Limited Hsbc Bank Middle East Limited - Algeria Branch Hsbc Bank Middle East Limited - Bahrain Branch Hsbc Bank Middle East Limited - Jordan Branch Hsbc Bank Middle East Limited - Kuwait Branch Hsbc Bank Middle East Limited -Lebanon Branch Hsbc Bank Middle East Limited - Palestine Branch Hsbc Bank Middle East Limited - Qatar Branch Hsbc Bank Middle East Limited - United Arab Emirates Branch Hsbc Private Bank (Suisse) SA: Hong Kong Hsbc Private Bank (Luxembourg) S.A. Hsbc Private Bank (Monaco) Sa Hsbc Private Bank (Suisse) SA: Singapore Hsbc Trustee (C.I.) Limited Hsbc Guyerzeller Trust Company Ag Hsbc Private Bank (C.I.) Limited Hsbc Private Bank France Hsbc Bank Peru S.A. Hsbc Bank Polska Sa Hsbc Bank Paraguay S.A. Hsbc Bank Moscow (Rr) Banco Hsbc Salvadoreno S.A. Hsbc Bank Plc - Israel Branch Hsbc Bank Plc - Milan Branch Hsbc Bank Plc - Netherlands Branch Hsbc Bank Plc - South Africa Branch Hsbc Bank Plc - Spain Branch Hsbc Mexico S.A. Institución De Banca Múltiple, Grupo Financiero Hsbc Hsbc Private Bank (Suisse) Sa Hsbc Private Bank Uk Hsbc Securities and Capital Markets (India) Private Limited. Hsbc Securities and Services (Usa) Inc. Hsbc Software Development (Brasil) Limiteda Hsbc Software Development (Canada) Inc. HSBC Software Development (Guangdong) Limited Hsbc Software Development (Malaysia) Sdn Bhd Hsbc Technologies Inc Hsbc Technology and Services (Usa) Inc Hsbc Trinkaus and Burkhadt Ag Ooo Hsbc Bank (Rr) Pt Bank Ekonomi Raharja, Tbk. The Bank of Bermuda Limited The Hong Kong and Shanghai Banking Corporation Limited, Hongkong The Hong Kong And Shanghai Banking Corporation Limited - Indonesia The Hong Kong And Shanghai Banking Corporation Limited, Singapore Branch The Hongkong and Shanghai Banking Corporation Limited - Johannesburg Bracnh The Hongkong and Shanghai Banking Corporation Limited - Sri Lanka The Hongkong and Shanghai Banking Corporation Limited, Japan Branch The Hongkong And Shanghai Banking Corporation Limited, India The Hongkong And Shanghai Banking Corporation Limited, Bangladesh The Hongkong And Shanghai Banking Corporation Limited, Nassau Branch The Hongkong And Shanghai Banking Corporation Limited, New Zealand Branch The Hongkong And Shanghai Banking Corporation Limited Mauritius The Saudi British Bank Hsbc Insurance (Asia) Limited. Hsbc Mexico Hsbc Professional Services India Private Limited Hsbc Bank-Ap Hsbc Finance Corporation Hsbc Service Delivery (Polska) Sp. Z O.O Hsbc Global Asset Managemnt (Canada) Limited Hsbc Global Asset Managemt (Deutschland) Amgb Hsbc Global Asset Management Limited. Hsbc Global Asset Management (Hk) Limited. Hsbc Global Asset Management (Sgh) Limited Hsodfsadcv Hsbc Global Asset Management Global Resourcing Egypt S.A.E Hsbc Global Asset Management (Uk) Limited. Hsbc Assurances Vie (France) Hsbc Securities Services (Ireland) Limited. Hsbc Investment Funds (Canada) Inc. Hsbc Trustee (Hong Kong) Limited Hsbc Latin America Holdings (Uk) Limited. Hsbc Markets (Asia) Limited Hsbc Middle East Finance Company Limited The Hongkong And Shanghai Banking Corporation Limited, Maldives Branch Hsbc Mortgage Services Inc Hsbc Markets (Usa)Inc. Hsbc Bank Middle East Limited - Pakistan Branch Elysefacto Hsbc Factoring (France) Hsbc Bank Plc, Johannesburg Branch Hsbc Securities (Canada) Inc. Hbur Hsbc Bank (Uruguay) S.A. Hsbc Bank Egypt S.A.E. Hsbc Colombia S.A. Hsbc Bank Armenia Cjsc Hsbc Bank Plc - Belgium Branch Hsbc Bank Plc - Czech Republic Branch Hsbc Bank Plc - France Branch Hsbc Bank Plc - Ireland Branch

CAPITAL STRUCTURE

As on 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32726400	Equity Shares	Rs.10/- each	Rs. 327.264 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	327.264	327.264	327.264
(b) Reserves & Surplus	15343.081	12874.273	12310.369
(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)	15670.345	13201.537	12637.633
(3) Non-Current Liabilities
(a) long-term borrowings	35.290	32.860	33.980
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	26.500	343.030	297.803
(d) long-term provisions	144.000	106.560	3512.986
Total Non-current Liabilities (3)	205.790	482.450	3844.769
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1138.920	966.810	481.980
(c) Other current liabilities	715.510	666.540	1279.057
(d) Short-term provisions	1627.273	2252.440	2354.400
Total Current Liabilities (4)	3481.703	3885.790	4115.437
TOTAL	19357.838	17569.777	20597.839
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	481.610	679.670	828.578
(ii) Intangible Assets	0.002	0.000	0.000
(iii) Capital work-in-progress	49.486	3.605	3.236
(iv) Intangible assets under development	0.000	0.000	0.002
(b) Non-current Investments	24.260	24.260	24.260
(c) Deferred tax assets (net)	275.820	269.810	252.130
(d) Long-term Loan and Advances	1225.570	1068.896	4551.902
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2056.748	2046.241	5660.108
(2) Current assets
(a) Current investments	2348.910	1068.550	400.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	6815.800	3986.065	4197.621
(d) Cash and cash equivalents	6974.480	9540.660	9394.690
(e) Short-term loans and advances	983.240	710.291	862.170
(f) Other current assets	178.660	217.970	83.250
Total Current Assets	17301.090	15523.536	14937.731
TOTAL	19357.838	17569.777	20597.839

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	19642.000	16360.000	13698.000
Other Income	1016.000	468.000	456.000
TOTAL	20657.000	16828.000	14154.000
EXPENSES	14149.000	12379.000	9998.000
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	6508.000	4449.000	4156.000
FINANCIAL EXPENSES	6.000	6.000	5.000
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6502.000	4443.000	4151.000
DEPRECIATION/ AMORTISATION	295.000	340.000	348.000
PROFIT/ (LOSS) BEFORE TAX	6207.000	4103.000	3803.000
TAX	2207.000	1433.000	1187.000
PROFIT/ (LOSS) AFTER TAX	4000.000	2670.000	2616.000
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	11636.000	11339.000	11339.000
APPROPRIATIONS
Final Dividend	1309.000	1800.000	2026.000
Dividend distribution tax	222.000	306.000	328.000
General Reserve	400.000	267.000	262.000
Balance Carried to the B/S	13705.000	11636.000	11339.000
Earnings / (Loss) Per Share (Rs.)	122.23	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	26.500	343.030	297.803
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	2181.317	4163.971	2515.698
Net cash flow from operating activity	112.970	3068.281	1871.349

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT/ Sales	(%)	20.36	16.32	19.10
PBIDT / Sales	(%)	33.13	27.19	30.34
Return on Total Assets (PBT/Total Assets}	(%)	32.65	23.76	18.72
Return on Investment (ROI) (PBT/Networth)		0.40	0.31	0.30
Debt Equity Ratio (Total Debt /Networth)		0.00	0.03	0.03
Current Ratio (Current Asset/Current Liability)		4.97	3.99	3.63

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	327.264	327.264	327.264
Reserves & Surplus	12310.369	12874.273	15343.081
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	12637.633	13201.537	15670.345
long-term borrowings	33.980	32.860	35.290
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	297.803	343.030	26.500
Total borrowings	331.783	375.890	61.790
Debt/Equity ratio	0.026	0.028	0.004

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	13698.000	16360.000	19642.000
		19.433	20.061

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	13698.000	16360.000	19642.000
Profit	2616.000	2670.000	4000.000
	19.10%	16.32%	20.36%

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	Yes
8	Designation of contact person	Yes
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	Yes
21	Banking facility details	Yes
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	No
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

FINANCIAL RESULTS:

The Company registered an Income from Software development of INR 19642.000 Million as compared with a corresponding income of INR 16360.000 Million during the previous year. Profit before tax was INR 6207.000 million as compared to a previous year Profit before tax of INR 4103.000 Million.

BUSINESS FOCUS DURING 2013-14:

During the period under review the company continued for consolidation on all the systems and processes. The process and quality management systems have been institutionalized with forward looking and customer focused practices such as regular and comprehensive project status reporting, bi-annual customer satisfactory surveys, participative process management and quantitative process capability benchmarking. Skilled and niche personnel is a key input for Information Technology business. The management being fully aware of this, has maintained approached of special attention towards Human Resource. Key initiatives were continued to adapt to source talent from the market through recruitment strategy. More thrust was placed on direct recruitment, employee referral programs. Skill enhancing training programs were continued to all the on boarded employees based on the Groups competency based interviewing techniques, performance management programs and induction programs. Also the infrastructural updates into IT and Non-IT field were going constantly throughout the year.

The major business functions contributed to the revenues as 17.9 % from Global Banking and markets, 11.0% from UK, 8.7% from RBWM, 10.2 % from Global Finance IT, 9.2 % from ITO, 7.8 % from Europe, 3.8 % from Payment services, 6.8 % from Global Risk and 1.2 % from North America.

The Company continues to focus on building and strengthening domain capabilities and building business strategies for growth and differentiation.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10315592	03/10/2011	30,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHA RASHTRA - 400001, INDIA	B24510604
2	10275573	14/02/2011	30,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHA RASHTRA - 400001, INDIA	B08929937

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	31.03.2014
( To the extent not provided for) The estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for	7.084

FIXED ASSETS

Tangible assets

• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other 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 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.65.51
UK Pound	1	Rs.101.12
Euro	1	Rs.71.79

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	DIV
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		80

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.