MIRA INFORM REPORT

Report No. :	341543
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	VRL MEDIA LIMITED
Registered Office :	1^st Floor, Giriraj Annexe, CTS No: 167/2B, Circuit House Road, Hubballi – 580029, Karnataka
Tel. No.:	91-836-2250859
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.07.2007
Com. Reg. No.:	08-043480
Capital Investment / Paid-up Capital :	Rs. 1708.781 Million
CIN No.: [Company Identification No.]	U92113KA2007PLC043480
IEC No.:	Not Available
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 :	Printing and Publication of Newspaper.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007. It is having moderate track. The company has incurred accumulated losses since 2012 which has resulted in considerable erosion of the networth base. Further, rating takes into consideration increased of external borrowings in FY14. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of losses, the company can be considered for business dealings with great caution.

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	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. Manil Jain
Designation :	CFO
Contact No.:	91-9342534206
Date :	18.09.2015

LOCATIONS

Registered Office :	1^st Floor, Giriraj Annexe, CTS No: 167/2B, Circuit House Road, Hubballi – 580029, Karnataka, India
Tel. No.:	91-836-2250859
Fax No.:	Not Available
E-Mail :	anandkulkarni@vrlmedia.com

DIRECTORS

AS ON 30.08.2014

Name :

Vijay Basavanneppa Sankeshwar

Designation :

Managing Director

Address :

Lalit Mahal, Naveen Park, Kusugal Road, Hubli – 580023, Karnataka, India

Date of Birth/Age :

02.08.1950

Date of Appointment :

26.07.2007

DIN No.:

00217714

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	L60210KA1983PLC005247	VRL LOGISTICS LIMITED	Managing director	01/01/2012	15/06/2005	-	Active	NO
2	U26941KA2007PLC041534	INNOVATIVE GLOBAL INFRACORP LIMITED	Director	22/01/2007	22/01/2007	26/10/2012	Active	NO
3	U92113KA2007PLC043480	VRL MEDIA LIMITED	Managing director	29/07/2014	26/07/2007	-	Active	NO
4	U67120MH2007PLC172753	AMIT SHINDE CORPORATION LIMITED	Director	31/07/2007	31/07/2007	07/12/2011	Active	NO
5	U15421KA1995PLC017655	SHIVASHAKTI SUGARS LIMITED	Additional director	07/02/2015	07/02/2015	-	Active	NO

Name :

Anand Vijay Sankeshwar

Designation :

Managing Director

Address :

Lalit Mahal, Naveen Park, Kusugal Road, Hubli – 580023, Karnataka, India

Date of Birth/Age :

14.11.1974

Date of Appointment :

26.07.2007

DIN No.:

00217773

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	U02212KA2003PLC032182	TIMES VPL LIMITED	Director	18/08/2006	01/07/2003	11/08/2010	Amalgamated	NO
2	U26941KA2007PLC041534	INNOVATIVE GLOBAL INFRACORP LIMITED	Director	22/01/2007	22/01/2007	26/10/2012	Active	NO
3	L60210KA1983PLC005247	VRL LOGISTICS LIMITED	Managing director	01/04/2014	19/06/2007	-	Active	NO
4	U92113KA2007PLC043480	VRL MEDIA LIMITED	Managing director	29/07/2014	26/07/2007	-	Active	NO
5	U67120MH2007PLC172753	AMIT SHINDE CORPORATION LIMITED	Director	31/07/2007	31/07/2007	07/12/2011	Active	NO
6	U74900KA2015PTC082383	HyperKonnect Technologies Private Limited	Director	20/08/2015	20/08/2015	-	Active	NO

Name :

Vani Anand Sankeshwar

Designation :

Director

Address :

H. No. 120-125 Lalit Mahal, Naveen Park, Kusugal Road, Hubli – 580023, Karnataka, India

Date of Birth/Age :

30.04.1979

Date of Appointment :

26.07.2007

DIN No.:

01624824

Name :

Shivaputra Mallappa Jaamdar

Designation :

Director

Address :

Karnataka Power Corporation Limited, C/T S.M.Jaamdar, Ias, F-1 Bg 14th Bmn, Hsr Bda L/O, Bangalore – 560034, Karnataka, India

Date of Appointment :

30.08.2014

DIN No.:

02250143

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	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Director	15/03/2008	15/03/2008	23/10/2010	Active	NO
2	U85110KA1970SGC001919	KARNATAKA POWER CORPORATION LIMITED	Managing director	17/03/2008	17/03/2008	23/10/2010	Active	NO
3	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	17/03/2008	17/03/2008	26/10/2010	Active	NO
4	U40102KA1996SGC020337	KPC BIDADI POWER CORPORATION LIMITED	Director	06/05/2008	06/05/2008	29/10/2010	Active	NO
5	U01010KA2002PLC031322	KARNATAKA EMTA COAL MINES LIMITED	Director	19/09/2008	26/06/2008	19/11/2010	Active	NO
6	U40101KA2009PLC049582	RAICHUR POWER CORPORATION LIMITED	Managing director	30/04/2009	30/04/2009	29/10/2010	Active	NO
7	U45100KA2008SGC048745	KARNATAKA PUBLIC LANDS CORPORATION LIMITED	Managing director	21/10/2010	21/10/2010	30/11/2010	Active	NO
8	U75112KA1998PTC023646	KARNATAKA ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Nominee director	20/12/2010	20/12/2010	21/05/2011	Active	NO
9	U75112KA1998PTC023647	KARNATAKA TRUSTEE COMPANY PRIVATE LIMITED	Nominee director	20/12/2010	20/12/2010	21/05/2011	Active	NO
10	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	21/01/2011	21/01/2011	17/06/2011	Active	NO
11	U72200KA2007PLC043206	KARNATAKA ENTERPRISE SOLUTIONS LIMITED	Director	30/09/2011	26/04/2011	28/03/2012	Active	NO
12	U40104MH1987GOI149458	NUCLEAR POWER CORPORATION OF INDIA LIMITED	Director	13/08/2014	28/06/2013	-	Active	NO
13	U92113KA2007PLC043480	VRL MEDIA LIMITED	Director	30/08/2014	30/08/2014	-	Active	NO

Name :

Prakash Ishwarappa Tapashetti

Designation :

Director

Address :

Asha Gouri Nilay, Roopland, Raichur Belgaum Road, Bagalkot – 587101, Karnataka, India

Date of Birth/Age :

05.05.1951

Date of Appointment :

23.07.2011

DIN No.:

03423901

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	U15422KA2011PLC057156	SANGAMESHWARA CANE POWER LIMITED	Director	17/02/2011	17/02/2011	-	Active	NO
2	U92113KA2007PLC043480	VRL MEDIA LIMITED	Director	30/08/2014	23/07/2011	-	Active	NO
3	U55101KA2011PTC060367	TEJAS COMFORTS PRIVATE LIMITED	Director	12/09/2011	12/09/2011	-	Active	NO
4	U80903KA2012NPL064830	TEJAS INTERNATIONAL EDUCATIONAL INSTITUTIONS	Director	13/07/2012	13/07/2012	-	Active	NO

Name :

Madan Desai Bindurao

Designation :

Director

Address :

H No 87, Club Road, Desai Cross, Hubli – 580020, Karnataka, India

Date of Birth/Age :

18.10.1946

Date of Appointment :

23.07.2011

DIN No.:

03580073

Name :

Rajendra Sangappa Ijery

Designation :

Director

Address :

H No 632, Ijery Compound, Station Road,, Bijapur – 586101, Karnataka, India

Date of Appointment :

30.08.2014

DIN No.:

06957578

Name :

Hariprakash Venkatramana Konemane

Designation :

Whole-TIME DIRECTOR

Address :

# P133, 8th Main 11th Cross, Near Govt High School, Lic Colony, Jeevan Bima Nagar, New Thippasandra, Bangalore – 560075, Karnataka, India

Date of Appointment :

16.03.2015

DIN No.:

07122377

KEY EXECUTIVES

Name :	Mr. Manil Jain
Designation :	CFO

MAJOR SHAREHOLDERS

AS ON 30.08.2014

Names of Shareholders	No. of Shares
Vijay Basavanneppa Sankeshwar	67816667
Anand Vijay Sankeshwar	124055387
Lalitha Vijay Sankeshwar	16666
Vani Anand Sankeshwar	1206000
Ravindra Dayanand Sankeshwar	1112
Ramanand Laxminarayan Bhat	1111
Usha Ramanand Bhat	1111
Total	193098054

AS ON 15.05.2015

Names of Shareholders	No. of Shares
Vijay Basavanneppa Sankeshwar	9000000
Anand Vijay Sankeshwar	25000000
Total	340000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.08.2014

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Printing and Publication of Newspaper.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

• Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India
• Punjab and Maharashtra Co-operative Bank Limited, Rajajinagar BranchNo;579, M G Complex, II main Road, II Block, Rajajinagar, Bengaluru, Karnataka - 560010, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	808.169	712.020
Term loans from others	18.446	19.758
SHORT TERM BORROWING
Working capital loans from banks	123.444	57.883
Total	950.059	789.661

Auditors :
Name :	H. K Veerbhaddrappa and Company Chartered Accountant
Address :	4^th Floor, Sumalangala Complex, Lamington Road Hubli – 580020, Karnataka, India
PAN No.:	AABFH8243H
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kailash Transformers Private Limited Sankeshwar Minerals Private Limited Sankeshwar Printer Private Limited Vrlogistics Limited

CAPITAL STRUCTURE

AS ON 30.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
225000000	Equity Shares	Rs.10/- each	Rs. 2250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
193098054	Equity Shares	Rs.10/- each	Rs. 1930.981 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
225000000	Equity Shares	Rs.10/- each	Rs. 2250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170878100	Equity Shares	Rs.10/- each	Rs. 1708.781 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	1708.781	1121.924	447.993
(b) Reserves & Surplus	(915.631)	(424.359)	(26.027)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	5.500
Total Shareholders’ Funds (1) + (2)	793.150	697.565	427.466
(3) Non-Current Liabilities
(a) long-term borrowings	826.615	731.778	209.131
(b) Deferred tax liabilities (Net)	34.989	29.167	18.709
(c) Other long term liabilities	8.794	8.432	0.167
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	870.398	769.377	228.007
(4) Current Liabilities
(a) Short term borrowings	123.444	57.883	0.000
(b) Trade payables	22.136	61.583	25.110
(c) Other current liabilities	9.272	8.435	3.150
(d) Short-term provisions	1.401	1.292	0.769
Total Current Liabilities (4)	156.253	129.193	29.029
TOTAL	1819.801	1596.135	684.502
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1028.589	953.192	293.914
(ii) Intangible Assets	26.261	33.958	4.981
(iii) Capital work-in-progress	0.000	103.677	183.365
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.943	0.043	0.003
(c) Deferred tax assets (net)	462.563	218.911	0.694
(d) Long-term Loan and Advances	17.788	16.027	96.212
(e) Other Non-current assets	0.518	0.518	0.000
Total Non-Current Assets	1536.662	1326.326	579.169
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.447	86.291	20.488
(c) Trade receivables	114.831	64.043	0.100
(d) Cash and cash equivalents	16.442	82.130	74.210
(e) Short-term loans and advances	33.419	37.345	10.535
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	283.139	269.809	105.333
TOTAL	1819.801	1596.135	684.502

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	730.987	344.007	0.304
	Other Income	5.807	12.205	17.596
	TOTAL	736.794	356.212	17.900
Less	EXPENSES
	Cost of Materials Consumed	723.762	382.222	1.442
	Employees benefits expense	241.699	214.960	22.325
	Other expenses	323.994	237.598	15.005
	Prior Period Items	(5.194)	(0.503)	0.000
	TOTAL	1284.261	834.277	38.772
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(547.467)	(478.065)	(20.872)
Less	FINANCIAL EXPENSES	125.852	87.044	3.117
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(673.319)	(565.109)	(23.989)
Less/ Add	DEPRECIATION/ AMORTISATION	61.605	51.440	5.195
	PROFIT BEFORE TAX	(734.924)	(616.549)	(29.184)
Less	TAX	(243.652)	(218.217)	(0.694)
	PROFIT AFTER TAX	(491.272)	(398.332)	(28.490)
	Earnings Per Share (Rs.)	(2.54)	(2.06)	(0.15)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	(674.823)	(517.231)	(112.691)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(67.21)	(115.79)	(9371.71)
Operating Profit Margin (PBIDT/Sales)	(%)	(74.89)	(138.97)	(6865.79)
Return on Total Assets (PBT/Total Assets}	(%)	(54.19)	(48.41)	(5.83)
Return on Investment (ROI) (PBT/Networth)		(0.93)	(0.88)	(0.07)
Debt Equity Ratio (Total Debt /Networth)		1.20	1.13	0.49
Current Ratio (Current Asset/Current Liability)		1.81	2.09	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	447.993	1121.924	1708.781
Reserves & Surplus	(26.027)	(424.359)	(915.631)
Share Application money pending allotment	5.500	0.000	0.000
Net worth	427.466	697.565	793.150
long-term borrowings	209.131	731.778	826.615
Short term borrowings	0.000	57.883	123.444
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	209.131	789.661	950.059
Debt/Equity ratio	0.489	1.132	1.198

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	0.304	344.007	730.987
		113,060.197	112.492

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	0.304	344.007	730.987
Profit	(28.490)	(398.332)	(491.272)
	(9371.71%)	(115.79%)	(67.21%)

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

REVIEW OF OPERATIONS:

Two successful years gone by witnessed the printing and publication of our Kannada daily 'VIJAYAVANI' with 10 editions. As you aware that the company has its editorial as well as printing units in 10 various locations i.e. Bangalore, Mangalore, Hubli, Mysore, Bijapur, Gangavati, Chitradurga, Shimoga , Gulbarga and Belgaum with its branches in Mumbai and Delhi and representative resources at all other major cities across India

As the circulation of the paper is increasing day to day accordingly the company is also generating the revenue by way of circulation and advertisement. Though the working capital of the Company increased in comparison with the last year due to increase in the Circulation but the Management has not compromised with the quality of raw materials used in the printing of the newspaper. The Circulation of the Newspaper is increasing day to day and that the present circulation has crossed 7.5 Lakhs copies per day. In all the editions, except Bangalore, the circulation of our newspaper is higher in comparison with the other Kannada dailies in the state. The circulation of VIJAYANANI will reach number one position in the State of Karnataka if the circulation in the south Karnataka including Bangalore city also increases in comparison with other Kannada dailies in the state. The Management has also appointed the highest nos of Sales promoters to promote the sales in the south Karnataka including the Bangalore City. The Directors are confident that the circulation of 'VIJAYANANI' will reach number one position in the State of Karnataka within short span of time. India.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507941	14/06/2014	143,750,000.00	Punjab and Maharashtra Co-operative Bank Limited	Rajajinagar BranchNo;579, M G Complex,, II main R  d, II Block, Rajajinagar, Bengaluru, Karnataka - 560010, INDIA	C10445476
2	10456739	30/09/2013	1,419,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B88203641
3	10436216	17/06/2013	90,000,000.00	PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED	NO 240, SHANKAR SADAN, SION(E), MUMBAI, Maharashtra - 400022, INDIA	B79350518
4	10393994	08/12/2012	1,315,691.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	B64869811
5	10391828	19/11/2012	114,675,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	DIVATE COMPLEX, CLUB ROAD, HUBLI, Karnataka - 580029, INDIA	B64078249
6	10363488	15/06/2012	1,304,230.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	B42807941
7	10359585	04/02/2015 *	618,500,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	DIVATE COMPLEX, CLUB ROAD, HUBBALLI, Karnataka - 580029, INDIA	C44808426
8	10348705	14/08/2014 *	320,000,000.00	THE SHAMARAO VITHAL CO-OP BANK LTD	GROUND FLOOR, SATELLITE SPACE AGE COMPLEX, KOPPIK  AR ROAD, HUBLI, Karnataka - 580020, INDIA	C20158085
9	10340937	15/02/2012	4,761,254.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	B34461822

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer Equipments

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. 65.93
UK Pound	1	Rs. 102.75
Euro	1	Rs. 75.13

INFORMATION DETAILS

Information Gathered by :	KIN
Analysis Done by :	KMN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.