MIRA INFORM REPORT

Report No. :	350433.2
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	TVS CREDIT SERVICES LIMITED (w.e.f. 13.03.2009)
Formerly Known As :	TVS MOTOR CREDIT LIMITED
Registered Office :	“Jayalakshmi Estates”, Third Floor, 29, Haddows Road, Nungambakkam, Chennai – 600006, Tamilnadu
Tel. No.:	91-44-28272233
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.11.2008
Com. Reg. No.:	18-069758
Capital Investment / Paid-up Capital :	Rs.1287.000 Million
CIN No.: [Company Identification No.]	U65920TN2008PLC069758
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is categorized as Non-Banking Finance Company (Non-deposits accepting and systematically important) and is engaged predominantly in financing of vehicles.
No. of Employees :	6323 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 Chennai-based NBFC incorporated in November 2008, and is a part of the “TVS Group” of Companies and as a captive financier for the Group Flagship – TVS Motor Company Limited (TVSM). Rating takes consideration on company’s comfortable financial profile marked by decent structure driven by equity infusion and moderate debt protection metrics. Rating further takes consideration on growing scale of operation and improvement in its overall profitability over the years. The ratings continue to factor in the experience of the Board and management team of the company. This rating strength is partially offsets on company slightly leveraged balance sheet profile, competition from other established players and dependence upon parent on growth and equity infusion. However, trade relations are fair. Business is active. Payment terms are reported as regular. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	ICRA
Rating	Commercial Paper = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	August, 2015

Rating Agency Name	BRICKWORK
Rating	Commercial Paper = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	May, 2014

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. Jayashan Kar
Designation :	Finance Department
Contact No.:	91-9840009369
Date :	18.11.2015

LOCATIONS

Registered / Corporate Office :	“Jayalakshmi Estates”, Third Floor, 29, Haddows Road, Nungambakkam, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28272233
Mobile No.:	91-9840009369 (Mr. Jayashan Kar)
Fax No.:	91-44-28257121
E-Mail :	corpsec@scl.co.in
Website :	www.tvscredit.co.in
HUB Office :	Located At : New Delhi Pune Chennai Indore

DIRECTORS

As on 14.07.2014

Name :

Mr. Kunnath Narayanan Radhakrishnan

Designation :

Director

Address :

Sobha Aster, Apartment 1022, 113/3, Bilekahalli Village, Vijaya Bank Colony, South Taluk Bangalore - 560076, Karnataka, India

Date of Birth/Age :

15.07.1962

Date of Appointment :

23.06.2010

DIN No.:

02599393

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	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30/07/2010	22/04/2009	-	Active	NO
2	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	17/02/2010	-	Active	NO
3	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	08/09/2010	16/07/2010	01/01/2014	Active	NO
4	U34100WB2011PLC164616	NEO STRATEGIC MOTORS LIMITED	Director	07/07/2011	07/07/2011	27/03/2015	Active	NO

Name :

Mr. Padmanabhan Sivaram

Designation :

Director

Address :

G-503, Ivory Tower, Sector 70, Mohali - 160071, Punjab, India

Date of Birth/Age :

30.06.1953

Date of Appointment :

23.06.2010

DIN No.:

00066864

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	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Nominee director	19/12/1992	19/12/1992	14/07/2007	Active	NO
2	L29211PB1970PLC002942	PUNJAB TRACTORS LIMITED	Whole-time director	01/04/2004	01/04/2004	14/07/2007	Amalgamated	NO
3	L50210PB1985PLC006473	SWARAJ ENGINES LIMITED	Nominee director	31/05/2006	31/05/2006	14/07/2007	Active	NO
4	U74140TN2007PTC062053	Phi Advisors Private Limited	Director	15/07/2008	10/08/2007	-	Active	NO
5	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	30/07/2008	16/06/2008	-	Active	NO
6	U74999TN2009PTC072891	PHI Corporate Solutions Private Limited	Director	11/09/2009	11/09/2009	-	Converted to LLP	NO
7	U74900TN2010PTC074367	PHI Capital Services Private Limited	Director	25/01/2010	25/01/2010	-	Converted to LLP	NO
8	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	17/02/2010	-	Active	NO
9	AAA-3533	PHI CAPITAL SOLUTIONS LLP	Designated Partner	25/01/2011	25/01/2011	-	Active	NO
10	AAB-2818	PHI CAPITAL SERVICES LLP	Designated Partner	26/12/2012	26/12/2012	-	Active	NO
11	AAB-2921	PHI CORPORATE SOLUTIONS LLP	Designated Partner	31/12/2012	31/12/2012	29/05/2014	Active	NO
12	AAB-1329	PHI CAPITAL MANAGEMENT LLP	Designated Partner	05/06/2013	05/06/2013	-	Active	NO

Name :

Mr. Tirumala Kumara Balaji

Designation :

Director

Address :

34 Poes Garden, Chennai - 600086, Tamilnadu, India

Date of Birth/Age :

12.07.1948

Date of Appointment :

23.06.2010

DIN No.:

00002010

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	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	24/08/2014	24/08/1979	-	Active	NO
2	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private Limited	Director	31/08/1979	31/08/1979	-	Active	NO
3	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	26/03/2015	15/10/1979	-	Active	NO
4	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Managing director	01/04/2012	15/10/1979	-	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28/11/1984	28/11/1984	-	Active	NO
6	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director	01/08/2014	01/03/1986	-	Active	NO
7	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	28/07/1986	28/07/1986	-	Active	NO
8	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	27/12/1996	27/12/1996	-	Active	NO
9	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	15/02/2000	15/02/2000	14/08/2008	Active	NO
11	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
12	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
13	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	17/09/2001	17/09/2001	15/04/2014	Active	NO
14	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/07/2003	18/07/2003	04/08/2008	Active	NO
15	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
16	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	14/09/2009	28/08/2008	05/08/2013	Active	NO
17	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	03/05/2010	-	Active	NO
18	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	25/09/2013	05/08/2013	-	Active	NO

Name :

Mr. Venu Srinivasan

Designation :

Director

Address :

3, Adyar Club Gate Road, R A Puram, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

11.12.1952

Date of Appointment :

23.06.2010

DIN No.:

00051523

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	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Managing director	23/05/2014	23/05/1979	-	Active	NO
2	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Director	21/08/2015	15/06/1979	-	Active	NO
3	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private Limited	Director	29/06/1979	29/06/1979	-	Active	NO
4	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	30/06/1979	30/06/1979	-	Active	NO
5	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	16/04/1991	16/04/1991	-	Active	NO
6	U40108TN1994PLC029132	SUNDRAM NON-CONVENTIONAL ENERGY SYSTEMS LIMITED	Director	06/02/1995	06/02/1995	18/09/2014	Active	NO
7	U65191TN1998PLC039853	Chennai Business Consulting Services Limited	Director	19/01/1999	19/01/1999	22/06/2009	Active	NO
8	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	22/04/1999	22/04/1999	-	Active	NO
9	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	01/08/2014	27/01/2000	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Managing director	29/07/2015	27/01/2000	-	Active	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/08/2003	18/08/2003	31/07/2008	Active	NO
12	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	28/03/2008	18/11/2004	19/05/2010	Active	NO
13	U01132TN2006PLC061095	EMERALD HAVEN ESTATES LIMITED	Director	13/09/2006	13/09/2006	27/11/2007	Active	NO
14	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	28/09/2006	28/09/2006	02/08/2010	Active	NO
15	U99999DL1983NPL014987	AGA KHAN RURAL SUPPORT PROGRAMME (INDIA)	Director	07/04/2008	07/04/2008	-	Active	NO
16	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	14/09/2009	28/08/2008	05/08/2013	Active	NO
17	U40109DL2008PLC275062	GREEN INFRA BTV LIMITED	Director	01/09/2008	01/09/2008	16/08/2013	Active	NO
18	L01131KA1943PLC000833	TATA COFFEE LIMITED	Director	24/07/2009	13/10/2008	01/09/2014	Active	NO
19	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director	27/07/2010	17/10/2008	11/08/2014	Active	NO
20	U93090TN1983GAT009948	TVS MOTOR HARITA EMPLOYEES WELFARE FOUNDATION PRIVATE LIMITED	Director	31/08/2009	18/05/2009	01/02/2012	Active	NO
21	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	21/06/2010	-	Active	NO
22	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	25/09/2013	05/08/2013	-	Active	NO

Name :

Mr. Rangaswami Ramakrishnan

Designation :

Director

Address :

No.27 (Old No.14), Seethamma Road, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

26.03.1946

Date of Appointment :

14.07.2010

DIN No.:

00809342

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	U22121TN1970PLC005916	DINAMANI PUBLICATIONS LIMITED	Director	03/11/1970	03/11/1970	28/09/2007	Active	NO
2	U74999TN1922NPL001455	MADRAS RACE CLUB	Director	25/09/1996	25/09/1996	-	Active	NO
3	U55101TN1997PTC038809	SWETHA ENTERPRISES PRIVATE LIMITED	Managing director	18/06/1999	18/06/1999	-	Active	NO
4	U99999KA1962PLC001449	BANGALORE TURF CLUB LIMITED	Director	25/09/2006	25/09/2006	29/09/2008	Active	NO
5	U51393KA2007PTC043056	SAASHA LIFE STYLE PRODUCTS PRIVATE LIMITED	Director	07/06/2007	07/06/2007	06/08/2008	Active	YES
6	U29309TN1989PTC017819	GLOBAL POWERTECH EQUIPMENTS Private Limited	Additional director	31/01/2008	31/01/2008	22/10/2008	Active	NO
7	L65921TN1985PLC070358	ENNORE COKE LIMITED	Director	22/09/2014	31/10/2008	-	Active	NO
8	U52333KA2008PTC048265	Simply Sofas Private Limited	Director	14/11/2008	14/11/2008	-	Active	NO
9	U52399KA2009PTC048771	STANLEY BOUTIQUE PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Under Process of Striking off	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	14/07/2014	11/03/2009	-	Active	NO
11	L45201TN1988PLC015521	PREMIER ENERGY AND INFRASTRUCTURE LIMITED	Director	31/12/2014	03/06/2009	-	Active	NO
12	U24119TN2009PLC072263	BHARATH COAL CHEMICALS LIMITED	Director	13/07/2009	13/07/2009	09/03/2011	Active	NO
13	U52100KA2009PTC050631	DESIGNO INDIA FURNITURES PRIVATE LIMITED	Director	12/08/2009	12/08/2009	-	Under Process of Striking off	NO
14	U52339KA2009PTC050619	DESIGNO LIFE STYLE SOLUTIONS PRIVATE LIMITED	Director	12/08/2009	12/08/2009	-	Active	NO
15	U65920TN2008PLC069758	TVS Credit Services Limited	Director	14/07/2014	03/05/2010	-	Active	NO
16	U15541TN2004PTC054260	HALDIA COKE AND CHEMICALS Private Limited	Director	30/09/2011	12/07/2010	-	Active	NO
17	U52399KA2010PTC055265	THANSA INSPIRATIONS PRIVATE LIMITED	Director	22/09/2010	22/09/2010	-	Under Process of Striking off	NO
18	U52110KA2010PTC055315	CANTATA HOME FURNITURES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
19	U52110KA2010PTC055314	THANSA HOME FURNITURES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
20	U23200TN2012PLC085299	ASIA COKE LIMITED	Director	04/04/2012	04/04/2012	-	Active	NO
21	U52390KA2013PTC072024	DANSONS LIFESTYLE SOLUTIONS PRIVATE LIMITED	Director	22/11/2013	22/11/2013	-	Active	NO
22	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Director	30/07/2014	30/07/2014	-	Active	NO
23	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

Name :

Mr. Vedanthachari Srinivasa Rangan

Designation :

Director

Address :

C-1003, 10th Floor, Ashok Towers, Dr S S Rao Road, Parel, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

13.02.1963

Date of Appointment :

14.07.2014

DIN No.:

00030248

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	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Nominee director	02/07/2004	02/07/2004	05/10/2009	Active	NO
2	U65990MH1994PLC083933	HDFC INVESTMENTS LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
3	U99999MH2000PTC129112	Intelenet Global Services Private Limited	Director	21/10/2004	21/10/2004	19/09/2007	Amalgamated	NO
4	U65991MH2004PLC149330	HDFC VENTURE CAPITAL LIMITED	Director	29/11/2004	29/11/2004	30/03/2015	Active	NO
5	U30007MH1999PLC258850	IPFONLINE LIMITED	Nominee director	22/04/2006	22/04/2006	11/11/2013	Amalgamated	NO
6	U74140MH2006PLC165539	HDFC PROPERTY VENTURES LIMITED	Nominee director	14/11/2006	14/11/2006	-	Active	NO
7	U45203TN2006PLC059133	L & T URBAN INFRASTRUCTURE LIMITED	Director	31/01/2007	31/01/2007	07/10/2011	Amalgamated	NO
8	U65993MH2000PLC123680	HDFC HOLDINGS LIMITED	Director	27/06/2007	13/03/2007	23/03/2015	Active	NO
9	U17121PB1922PTC000038	OCM PRIVATE LIMITED	Director	04/05/2007	04/05/2007	03/05/2011	Active	NO
10	U74140MH2006PTC164125	IVF Advisors Private Limited	Director	21/06/2007	21/06/2007	-	Active	NO
11	U65991MH1999PLC123026	HDFC TRUSTEE COMPANY LIMITED	Director	23/04/2008	18/12/2007	-	Active	NO
12	U72200MH2006PLC166403	IDHASOFT LIMITED	Nominee director	11/07/2008	11/07/2008	26/04/2011	Active	NO
13	U74120KA2008PTC046330	RURALSHORES BUSINESS SERVICES PRIVATE LIMITED	Director	29/05/2009	18/03/2009	11/06/2014	Active	NO
14	U67190MH2006PTC159411	CREDILA FINANCIAL SERVICES PRIVATE LIMITED	Nominee director	16/04/2015	24/12/2009	-	Active	NO
15	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Whole-time director	01/01/2015	01/01/2010	-	Active	NO
16	U45200MH1981PLC023708	HDFC DEVELOPERS LIMITED	Director	08/07/2011	15/07/2010	-	Active	NO
17	L99999GJ1975PLC002859	ATUL LIMITED	Director	31/08/2010	19/07/2010	-	Active	NO
18	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	31/07/2014	28/07/2011	-	Active	NO
19	U65920TN2008PLC069758	TVS Credit Services Limited	Director	14/07/2014	26/09/2011	-	Active	NO
20	U80301MH2011PTC224035	HDFC EDUCATION AND DEVELOPMENT SERVICES PRIVATE LIMITED	Director	17/11/2011	17/11/2011	-	Active	NO
21	L11100GJ1996PLC029880	HINDUSTAN OIL EXPLORATION COMPANY LIMITED	Director	26/09/2012	23/01/2012	08/10/2014	Active	NO
22	U93000MH2012NPL237056	H T PAREKH FOUNDATION	Director	28/09/2015	19/10/2012	-	Active	NO
23	U65910TN1988PTC015757	COMPUTER AGE MANAGEMENT SERVICES PRIVATE LIMITED	Director	20/08/2014	08/08/2014	-	Active	NO

Name :

Sasikala Varadachari

Designation :

Director

Address :

E-11, Hiranya Apartments, Greenways Road, Extension, Chennai - 600028, Tamilnadu, India

Date of Appointment :

30.03.2015

DIN No.:

07132398

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	U67190TN2000PLC045617	Cholamandalam Distribution Services Limited	Director	30/07/2015	25/03/2015	-	Active	NO
2	U65920TN2008PLC069758	TVS Credit Services Limited	Director	30/03/2015	30/03/2015	-	Active	NO
3	U65993TN1994PLC028674	CHOLAMANDALAM SECURITIES LIMITED	Director	30/07/2015	30/03/2015	-	Active	NO
4	U65999TN2005PLC069447	EASYACCESS FINANCIAL SERVICES LIMITED	Director	26/05/2015	30/03/2015	-	Active	NO
5	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Mr. Anupam Thareja

Designation :

Whole-Time Director

Address :

3rd Floor, Chaitanya Building, Khadar Nawaz Khan Road, Nungambakkam, Chennai - 600006, Tamilnadu, India

Date of Birth/Age :

09.04.1972

Date of Appointment :

03.05.2010

DIN No.:

01091533

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	U74140TN2007PTC062053	Phi Advisors Private Limited	Director	17/01/2007	17/01/2007	-	Active	NO
2	U74140TN2008PTC066843	Phi Research Private Limited	Director	17/03/2008	17/03/2008	-	Active	NO
3	U74140MH2008PTC183420	Phi Management Solutions Private Limited	Director	11/06/2008	11/06/2008	-	Active	NO
4	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	30/07/2008	16/06/2008	-	Active	NO
5	U35999MH2008PLC180385	Mahindra First Choice Services Limited	Director	22/07/2009	15/09/2008	-	Active	NO
6	U52399MH2008PTC187927	Mahindra Internet Commerce Private Limited	Director	24/09/2010	08/09/2009	22/10/2010	Active	NO
7	U74999TN2009PTC072891	PHI Corporate Solutions Private Limited	Director	11/09/2009	11/09/2009	-	Converted to LLP	NO
8	U74900TN2010PTC074367	PHI Capital Services Private Limited	Director	25/01/2010	25/01/2010	-	Converted to LLP	NO
9	U65920TN2008PLC069758	TVS Credit Services Limited	Whole-time director	03/05/2015	03/05/2010	-	Active	NO
10	U72300TN1997PTC039110	TVS INTERCONNECT SYSTEMS Private Limited	Director	29/06/2011	03/09/2010	-	Active	NO
11	U34101MH2015PTC265665	Classic Legends Private Limited	Director	17/06/2015	17/06/2015	-	Active	NO
12	AAA-3533	PHI CAPITAL SOLUTIONS LLP	Designated Partner	25/01/2011	25/01/2011	-	Active	NO
13	AAB-1329	PHI CAPITAL MANAGEMENT LLP	Designated Partner	25/09/2012	25/09/2012	-	Active	NO
14	AAB-2818	PHI CAPITAL SERVICES LLP	Designated Partner	26/12/2012	26/12/2012	-	Active	NO
15	AAB-2921	PHI CORPORATE SOLUTIONS LLP	Designated Partner	31/12/2012	31/12/2012	-	Active	NO

Name :

Mr. Subramaniam Santhanakrishnan

Designation :

Director

Address :

Flat G5, Block 2, Prime Terrace, 150, L.B Road, Tiruvanmiyur, Chennai - 600041, Tamil Nadu, India

Date of Birth/Age :

08.11.1944

Date of Appointment :

29.07.2015

DIN No.:

00005069

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	U72300MH2000PLC128359	CREDIT INFORMATION BUREAU (INDIA) LIMITED	Managing director	24/07/2007	21/02/2004	30/11/2007	Active	NO
2	U74999MH2005PLC155683	SMERA Ratings Limited	Director	03/07/2006	03/07/2006	27/11/2007	Active	NO
3	U65999TN2005PLC069447	EASYACCESS FINANCIAL SERVICES LIMITED	Director	29/09/2008	10/01/2008	04/05/2015	Active	NO
4	U65910MH1995PLC220528	RELIANCE CAPITAL TRUSTEE CO LTD	Director	12/07/2008	25/02/2008	-	Active	NO
5	L65191KL1927PLC000307	DHANLAXMI BANK LIMITED	Director	27/09/2008	30/06/2008	31/10/2012	Active	NO
6	U65922MH1999PLC120106	ICICI HOME FINANCE COMPANY LIMITED	Director	27/06/2014	24/07/2008	-	Active	NO
7	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	21/08/2014	15/07/2009	-	Active	NO
8	U65920TN2008PLC069758	TVS Credit Services Limited	Director	29/07/2015	17/02/2010	-	Active	NO
9	U25209MH1999PLC119427	AXIOM CORDAGES LIMITED	Director	20/06/2011	01/02/2011	-	Active	NO
10	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Nominee director	12/03/2013	12/03/2013	-	Active	NO
11	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	19/02/2015	19/02/2015	-	Active	NO

Name :

Mr. Sudarshan Venu

Designation :

Director

Address :

Old No.2, New No.3, West Side House, Adyar Club Gate Road, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

01.02.1989

Date of Appointment :

29.07.2015

DIN No.:

03601690

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	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Managing director	20/08/2015	02/09/2011	-	Active	NO
2	U65920TN2008PLC069758	TVS Credit Services Limited	Director	29/07/2015	31/01/2013	-	Active	NO
3	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Managing director	29/07/2015	01/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishnaswamy Sridhar
Designation :	Company Secretary
Address :	No.5, Crescent Street, Seethamma Colony, Chennai - 600018, Tamilnadu, India
Date of Birth/Age :	13.02.1963
Date of Appointment :	29.09.2012
PAN No.:	AAGPS9997L
Name :	Mr. Venkatraman Gopalakrishnan
Designation :	Chief Exeuctive Officer
Address :	A3, Alsa Edengrove, 44, Dr B N Road, T. Nagar, Chennai - 600017, Tamilnadu, India
Date of Appointment :	12.06.2014
PAN No.:	AGVPG1501D
Name :	Mr. Gopalakrishnan Viswanathan
Designation :	Chief Financial Officer
Address :	F1, Anugraha, No 14, 6th Cross Street, Shastri Nagar, Adyar, Chennai - 600020, Tamilnadu, India
Date of Appointment :	12.06.2014
PAN No.:	AADPV2856L

MAJOR SHAREHOLDERS

As on 14.07.2014

Names of Shareholders	No. of Shares
TVS Motor Services Limited, India	99599940
PHI Research Private Limited, India	3500000
Housing Development Finance Corporation Limited, India	5000000
H. Lakshmanan	10
K. S. Srinivasan	10
V. N. Venkatanathan	10
K N Radhakrishnan	10
K Gopala Desikan	10
C Mukundhan	10
Total	108100000

As on 20.11.2014

Names of Allottee (Equity Shares)	No. of Shares Allotted
TVS Motor Services Limited, India	5100000
Total	5100000

As on 04.02.2015

Names of Allottee (Equity Shares)	No. of Shares Allotted
TVS Motor Services Limited, India	5100000
Total	5100000

As on 14.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is categorized as Non-Banking Finance Company (Non-deposits accepting and systematically important) and is engaged predominantly in financing of vehicles.
Products / Services :	Non-Banking Financial Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

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 :

6323 (Approximately)

Bankers :

Banker Name	ORIENTAL BANK OF COMMERCE
Branch Address	No.63, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, 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

• IDBI Bank Limited, 115, Anna Salai, P.B. No. 805, Saidapet, Chennai - 600015, Tamilnadu, India

• Bank of India, Corporate Banking Branch, Iv Floor, Taraporetowers, 826, Anna Salai, Chennai - 600002, Tamilnadu, India

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India

• State Bank of India, Corporate Accounts Group Branch, 18/3, Rukmini Lakshmipathi Road, Egmore, Chennai - 600008, Tamilnadu, India

• Development Credit Bank Limited, No.6, Rajaji Road, Nungambakkam, Chennai - 600034, Tamilnadu, India

• Syndicate Bank, Corporate Finance Branch, 1st Floor, 170 Eldams Road, Teynampet, Chennai - 600018, Tamilnadu, India

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

Auditors :
Name :	V. Sankar Aiyar and Company Chartered Accountants
Address :	2-C, Court Chambers, 35, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22004465 / 22067440
Fax No.:	91-22-22000649
E-Mail :	mumbai@vsa.co.in
Website :	www.vsa.co.in
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	TVS Motor Services Limited
Enterprises over which Key Managerial Personnel is able to exercise significant influence :	PHI Capital Services LLP

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs. 1500.000 Million
50000000	Unclassified Shares	Rs. 10/- each	Rs. 500.000 Million
	Total		Rs. 2000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
128700000	Equity Shares	Rs.10/- each	Rs. 1287.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1287.000	1081.000	885.115
(b) Reserves & Surplus	2635.594	1540.050	839.196
(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)	3922.594	2621.050	1724.311
(3) Non-Current Liabilities
(a) long-term borrowings	7206.363	5771.922	2547.036
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	853.438	686.364	614.211
(d) long-term provisions	211.643	148.932	67.863
Total Non-current Liabilities (3)	8271.444	6607.218	3229.110
(4) Current Liabilities
(a) Short term borrowings	11793.329	9256.505	9066.905
(b) Trade payables	154.843	203.400	81.518
(c) Other current liabilities	5974.491	3418.810	1142.329
(d) Short-term provisions	397.211	324.583	278.830
Total Current Liabilities (4)	18319.874	13203.298	10569.582
TOTAL	30513.912	22431.566	15523.003
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	330.102	324.814
(ii) Intangible Assets	11.160	18.989	19.141
(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)	138.249	83.529	3.390
(d) Long-term Loan and Advances	163.143	88.932	31.543
(e) Other Non-current assets	2201.700	2201.700	2201.700
(f) Receivable from financing activities	11297.363	6807.514	3845.080
Total Non-Current Assets	14177.643	9530.766	6425.668
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	17.183	17.261	20.982
(d) Cash and cash equivalents	1542.068	1799.455	1654.365
(e) Short-term loans and advances	257.670	120.706	102.634
(f) Receivable from Financing Activities	14499.289	10963.378	7319.354
(g) Other current assets	20.059	0.000	0.000
Total Current Assets	16336.269	12900.800	9097.335
TOTAL	30513.912	22431.566	15523.003

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	5720.309	3994.520	2420.761
	Other Income	38.726	6.817	35.241
	TOTAL	5759.035	4001.337	2456.002
Less	EXPENSES
	Business origination and Recovery Cost	786.694	494.451	435.579
	Employees benefits expense	1446.172	1115.375	667.339
	Other expenses	702.380	458.447	293.027
	Bad debts Written Off	113.938	73.963	0.000
	Provision for bad and doubtful debts	105.474	79.238	50.954
	TOTAL	3154.658	2221.474	1446.899
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2604.377	1779.863	1009.103
Less	FINANCIAL EXPENSES	2087.586	1539.965	925.239
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	516.791	239.898	83.864
Less/ Add	DEPRECIATION/ AMORTISATION	76.633	58.699	33.742
	PROFIT/(LOSS) BEFORE TAX	440.158	181.199	50.122
Less	TAX	148.013	9.235	(1.467)
	PROFIT/(LOSS) AFTER TAX	292.145	171.964	51.589
	Earnings Per Share (Rs.)	2.57	1.85	0.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	4507.094	2429.555	530.236
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	(5139.180)	(3828.307)	(5338.301)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.11	4.30	2.13
Operating Profit Margin (PBIDT/Sales)	(%)	45.53	44.56	41.69
Return on Total Assets (PBT/Total Assets}	(%)	2.31	1.17	0.43
Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.03
Debt Equity Ratio (Total Debt /Networth)		4.84	5.73	6.74
Current Ratio (Current Asset/Current Liability)		0.89	0.98	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	885.115	1081.000	1287.000
Reserves & Surplus	839.196	1540.050	2635.594
Net worth	1724.311	2621.050	3922.594
long-term borrowings	2547.036	5771.922	7206.363
Short term borrowings	9066.905	9256.505	11793.329
Current Maturities of Long Term Debt	4507.094	2429.555	530.236
Total borrowings	16121.035	17457.982	19529.928
Debt/Equity ratio	9.349	6.661	4.979

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2420.761	3994.520	5720.309
		65.011	43.204

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2420.761	3994.520	5720.309
Profit	51.589	171.964	292.145
	2.13%	4.30%	5.11%

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	Yes
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10602048	04/11/2015	1,000,000,000.00	IDBI BANK LIMITED	115, ANNA SALAI, P.B. NO. 805, SAIDAPET, CHENNAI - 600015, TAMILNADU, INDIA	C69891174
2	10597252	23/09/2015	1,000,000,000.00	BANK OF INDIA	CORPORATE BANKING BRANCH, IV FLOOR, TARAPORE TOWERS, 826, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	C67385286
3	10597253	21/09/2015	1,000,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, VADODARA - 390015, GUJARAT, INDIA	C67385542
4	10582144	30/06/2015	1,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 18/3, RUKMINI LAKSHMIPATHI ROAD, EGMORE, CHENNAI - 600008, TAMILNADU, INDIA	C59915157
5	10566794	27/03/2015	250,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	NO.6, RAJAJI ROAD, NUNGAMBAKKAM, CHENNAI - 600034, TAMILNADU, INDIA	C52323821
6	10566797	27/03/2015	2,000,000,000.00	SYNDICATE BANK	CORPORATE FINANCE BRANCH, 1ST FLOOR, 170 ELDAMS  ROAD, TEYNAMPET, CHENNAI - 600018, TAMILNADU, INDIA	C52324993
7	10570877	31/01/2015	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C54354774
8	10570878	31/01/2015	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C54355482
9	10532419	27/10/2014	750,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL - 362266, GUJARAT, INDIA	C34350892
10	10527510	29/09/2014	500,000,000.00	THE KARUR VYSYA BANK LIMITED	WHITES ROAD BRANCH, NO.37 WHITES ROAD, CHENNAI - 600014, TAMILNADU, INDIA	C30977086

* Date of charge modification

COMPANY BACKGROUND

The company received certificate of registration dated 13^th April, 2010 from Reserve Bank of India and commenced non-banking financial activity there on. The company is categorized as Non-Banking Finance Company (Non-deposits accepting and systematically important) and is engaged predominantly in financing of vehicles. The company falls under the category of Loan Company.

BUSINESS AND FINANCIAL PERFORMANCE

The company’s overall disbursements registered a growth of 49% at Rs.22980.000 Million as compared to Rs.15460.000 Million in the previous year.

In line with the diversification plans of the company, apart from being the number one retail financier for TVS Motor Company Limited (TVSM), it also consolidated its position as the second largest tractor financier for tractors and Farm Equipment Limited in the geographies represented. The company also expanded its footprint in used car financing by covering more locations and channel partners. During the year, the company financed around 0.370 Million two wheeler customers of TVSM as against 0.300 Million in the previous year.

The company financed 14653 tractors during the year as against 9685 in the previous year and 17115 used cars during the year as against 7380 in the previous year.

The company has cumulatively financed over a Million customers since its inception. During the year, the assets under management stood at Rs.26360.000 Million as against Rs.17020.000 Million during the previous year registering a growth of 55%.

The company continues to invest substantially in technology, both for sourcing and recovery, which maintained the overall productivity and collection efficiency at higher levels. The company’s portfolio quality continues to perform well with cumulative collection efficiency of more than 98% and overdue to book at 1.22%.

Key initiatives during the financial year

During the year, the company-

- Worked closely with OEM’s to launch new products

- Expanded in North and East with additions of 290 new two wheeler dealer counters

- Increased rural market penetration in used car segment to more than 100 locations

- Leveraged on the existing network and the resources to provide stressed assets fee based collection services to banks and financial institutions.

- Expanded product suite by venturing into used tractor business line

- Focused on dealer management programs across product lines to unlock channel productivity

- Drove technology initiatives through robust IT network systems and point of sale solutions.

- Launched continuous employee recognition and training programs.

Total income during the financial year 2015 increased to Rs.5759.000 Million from Rs.4004.100 Million during the financial year 2014, an increase of 44% over the previous year. The profit before tax for the year has also improved and stood at Rs.422.000 Million as against Rs.181.200 Million during the previous year.

The company continued to strengthen its provisioning standards beyond the requirement under the regulations of Reserve Bank of India (RBI) by accelerating the provisioning to an early stage of delinquency. During the year, it further strengthened provisioning and took an accelerated provisioning impact of Rs.150.600 Million.

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Office Equipments
• Vehicles
• Computers

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. 65.98
UK Pound	1	Rs. 100.11
Euro	1	Rs. 70.35

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	JYO/PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		60

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.