MIRA INFORM REPORT

Report No. :	490306
Report Date :	07.02.2018

IDENTIFICATION DETAILS

Name :	FOREIGN EXCHANGE DEALERS ASSOCIATION OF INDIA
Registered Office :	173, 17th Floor, Maker Tower 'F', Chamundeshwari Nagar, Cuffe Parade, Mumbai - 400005, Maharashtra
Tel. No.:	91-22-2218 2583
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	07.07.1988
Com. Reg. No.:	11-047993
Members Funds:	INR 100.005 Million
CIN No.: [Company Identification No.]	U67190MH1988NPL047993
IEC No.:	Not Divulged
GSTIN:	27AAATF0610P1ZR
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAATF0610P
Legal Form :	Association
Line of Business :	It’s major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-a-vis public and liaison with RBI for reforms and development of forex market. (Registered Activity)
No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Is an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers ADs) as a self-regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It's major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-a -vis public and liaison with RBI for reforms and development of forex market. The role and responsibilities of FEDAI are as follows: • Formulations of FEDAI guidelines and FEDAI rules for Forex business. • Training of bank personnel in the areas of Foreign Exchange Business. • Accreditation of Forex Brokers. • Advising/Assisting member banks in settling issues/matters in their dealings. • Represent member banks on Government/Reserve Bank of India and other bodies. • Rules of FEDAI also include announcement of daily and periodical rates to its member banks. FEDAI guidelines play an important role in the functioning of the markets and work in close coordination with Reserve Bank of India (RBI), other organizations like Fixed Income Money Market and Derivatives Association (FIMMDA). For the financial year ended 2017, the association has reported growth in its member funds. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular and as per commitments. In view of the aforesaid, the association 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.

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 07.02.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management non-cooperative (Tel No.: 91-22-22182583)

LOCATIONS

Registered Office :	173, 17th Floor, Maker Tower 'F', Chamundeshwari Nagar, Cuffe Parade, Mumbai - 400005, Maharashtra
Tel. No.:	91-22-2218 2583/ 22163262/ 22184200 / 22184432 / 22182549
Fax No.:	91-22-22189946
E-Mail :	mail@fedai.org.in
Website :	http://www.fedai.org.in

DIRECTORS

As on 31.03.2017

Name :	Mr. Ashtosh Raina
Designation :	Nominee Director
Address :	N-439, Oshiwara Tarapore Tower, Oshiwara, Andheri West, Mumbai -400058, Maharashtra, India
Date of Appointment :	28.08.2017
DIN No:	05288073
Name :	Mr. Gopikrishna Mahadhanapuram Subramaniam
Designation :	Nominee Director
Address :	4B, Akshay-Anand, 7th Road Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	06.01.1971
Date of Appointment :	05.01.2018
DIN No:	06969210
Name :	Mr. Hare Krishna Jena
Designation :	Nominee Director
Address :	16-B, Madhuban, Gen. J. Bhosale Marg, Opposite Sachivalaya Gymkhana, Nariman Point, Mumbai-400021, Maharashtra, India
Date of Appointment :	19.11.2016
DIN No:	07624556

KEY EXECUTIVES

Name :	Mr. Ashwani Kumar Sindhwani
Designation :	Manager
Address :	D-901 / 902, Ashok Tower, Parel, Mumbai-400012, Maharashtra, India
Date of Appointment :	02.06.2016
PAN No.:	AAAPS0615B

MAJOR SHAREHOLDERS

As on 31.03.2017

The membership of the Association, as on 31st March 2017 stood at 107.

AB Bank Limited

Abhyudaya Co-operative Bank Limited

Abu Dhabi Commercial Bank Limited

Andhra Bank

AXIS Bank Limited

Australia and New Zealand Banking Group Limited (ANZ)

The Ahmedabad Mercantile Co-operative Bank Limited

Bandhan Bank Limited

P.T. Bank Maybank Indonesia TBK

Bank of America NA

Bank of Bahrain and Kuwait B.S.C.

Bank of Baroda

Bank of Ceylon

Bank of India

Bank of Maharashtra

The Bank of Nova Scotia

The Bank of Tokyo-Mitsubishi UFJ Limited

Barcrays Bank P.L.C.

The Bharat Co-operative Bank (Mumbai) Limited

Bassin Catholic Co-op Bank Limited

The Bharatiya Mahila Bank Limited

BNP Paribas

Bombay Mercantile Co-Operative Bank Limited

Canara Bank

The Catholic Syrian Bank Limited

Central Bank of India

CTBC Bank Company Limited

Citibank N A

City Union Bank Limited

Commonwealth Bank of Australia

Corporation Bank

Credit Suisse AG

The Cosmos Co-operative Bank Limited

Credit Agricola Corporate and Investment Bank

DBS Bank Limited

Dena Bank

Deutsche Bank AG

Doha Sank QSC

DCB Bank Limited

The Dhanlaxmi Bank Limited

Export-Import Bank of India

The Federal Bank Limited

FirstRand Bank

HDFC Bank limited

The Hongkong and Shanghai Banking Corporation Limited

ICICI Bank Limited

lDBI Bank Limited

IDFC Bank Limited

IFCI Limited

Indian Bank

Indian Overseas Bank

Induslnd Bank Limited

Industrial and Commercial Bank of China limited

Industrial Bank of Korea

The Jammu &Kashmir Bank Limited

JPMorgan Chase Bank N.A.

JSC VTB Bank

KEB Hana Bank

The Kalupur Commercial Co-operative Bank limited

The Karnataka Bank Limited

The Karur Vysya Bank Limited

Kotak Mahindra Bank Limited

Krung Thai Bank Public Company Limited

The Lakshmi Vilas Bank Limited

The Maharashtra State Co-operative Bank Limited

Mashreq Bank p s c

Mizuho Bank Limited

National Australia Bank

NKGSB Co-operative Bank Limited

National Bank of Abu Dhabi PJSC

Oriental Bank of Commerce

Punjab and Maharashtra Co-operative Bank Limited

Punjab National Bank

Punjab & Sind Bank

Cooperative Rabobank U.A.

RBL Bank Limited

The Royal Bank of Scotland plc

The Saraswat Co-op Bank Limited

SBERBANK

The SVC Co-operative Bank Limited

Shinhan Bank

Small Industrial Development Bank of India

Societe Generate

Sonali Bank Limited

Sumitomo Mitsui Banking Corporation

The South Indian Bank Limited

Standard Chartered Bank

State Bank of Bikaner and Jaipur

State Bank of Hyderabad

State Bank of India

S8M Bank (Mauritius) Limited

State Bank of Mysore

State Bank of Patiala

State Bank of Travancore

Syndicate Bank

Tamilnad Mercantile Bank Limited

TJSB Sahakari Bank Limited

Thomas Cook (I) Limited

UCO Bank

Union Bank of India

United Bank of India

United Overseas Bank Limited

Vijaya Bank

Westpac Banking Corporation

Woori Bank

YES Bank Limited

BUSINESS DETAILS

Line of Business :	Its major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-a-vis public and liaison with RBI for reforms and development of forex market. (Registered Activity)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Bank of India
Branch :	---
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• Bank of Maharashtra
• Canara Bank

Auditors :
Name :	Borkar and Muzumdar Chartered Accountants
Address :	21/168, Anand Nagar, Om C.H.S., Anand Nagar, Lane, off Nehru Road, Vakola Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-66899999
Fax No.:	91-22-66899990
E-Mail :	contact@bnmca.com
Income-tax PAN of auditor or auditor's firm :	AAFCA0924K
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture:	Financial Benchmarks India Private Limited (U67190MH2014PTC260049)

RESERVES & SURPLUS

As on: 31.03.2017

Particular	31.03.2017	31.03.2016
General Corpus and Fund
Opening Balance	28.232	25.877
Add: One time entrance fees from member Bank	0.150	0.750
Add: Appropriation from Member’s Contribution	1.620	1.605
Add: Appropriation from Library Fund	-	-
Less: Utilized	-	-
Closing Balance	30.002	28.232
Member’s Contribution
Opening Balance	58.722	49.238
Add: Contribution received during the year	16.200	16.200
Add: Transfer from Surplus Account	(3.299)	(5.111)
Add: Appropriation to General Corpous Fund	1.620	1.605
Closing Balance	70.003	58.722
Total Fund	100.005	86.955

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1) Members Funds
(a) Reserves & Surplus	100.005	86.955	75.115
Total Members Funds (1)	100.005	86.955	75.115
(2) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.994	9.194	7.485
Total Non-current Liabilities (2)	7.994	9.194	7.485
(3) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	2.061	0.057	5.239
(d) Short-term provisions	2.132	0.214	0.338
Total Current Liabilities (3)	4.193	0.271	5.577
TOTAL	112.192	96.420	88.177
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.253	1.477	3.251
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.400	1.400	1.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.636	0.513	0.569
(e) Other Non-current assets	0.330	0.333	0.312
Total Non-Current Assets	5.619	3.723	5.532
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	96.090	85.803	77.121
(e) Short-term loans and advances	9.561	6.575	5.524
(f) Other current assets	0.922	0.319	0.000
Total Current Assets	106.573	92.697	82.645
TOTAL	112.192	96.420	88.177

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	9.257	12.202	11.696
	Other Income	9.470	7.689	6.452
	TOTAL	18.727	19.891	18.148
Less	EXPENSES
	Employees benefits expense	14.620	15.830	12.872
	Other expenses	6.765	7.399	4.103
	TOTAL	21.385	23.229	16.975
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(2.658)	(3.338)	1.173
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(2.658)	(3.338)	1.173
Less/ Add	DEPRECIATION/ AMORTISATION	0.641	1.772	1.642
	PROFIT/ (LOSS) BEFORE TAX	(3.299)	(5.110)	(0.469)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(3.299)	(5.110)	(0.469)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(10.335)	(14.801)	(4.484)
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	(12.931)	(15.831)	(5.327)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.00	0.00	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.00	0.00	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	(0.82)	(2.42)	0.36

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.08	0.00	0.06
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.09	0.00	0.07
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.03	0.02	0.04
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(35.64)	(44.10)	(4.01)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(2.83)	(5.61)	(0.54)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(3.31)	(6.22)	(0.62)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	12.69	326.33	14.82
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	12.69	326.33	14.82
G-Score Ratio Financial (Networth / Total Assets)	0.86	0.90	0.87
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	12.69	326.33	14.82

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Reserves & Surplus	75.115	86.511	99.562
Total Members Funds	75.115	86.511	99.562
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	11.696	12.202	9.257
		4.326	(24.135)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	11.696	12.202	9.257
Profit	(0.469)	(5.381)	(3.299)
	(4.01%)	(44.10%)	(35.64%)

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1) Members Funds
(a) Reserves & Surplus	99.562	86.511
Total Members Funds (1)	99.562	86.511
(2) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	7.994	9.194
Total Non-current Liabilities (2)	7.994	9.194
(3) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	6.668	0.073
(d) Short-term provisions	2.173	0.214
Total Current Liabilities (3)	8.841	0.287
TOTAL	116.397	95.992
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.253	1.488
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.636	0.513
(e) Other Non-current assets	0.330	0.333
Total Non-Current Assets	4.219	2.334
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	101.667	86.752
(e) Short-term loans and advances	9.589	6.589
(f) Other current assets	0.922	0.317
Total Current Assets	112.178	93.658
TOTAL	116.397	95.992

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	9.257	12.202
	Other Income	9.961	7.774
	TOTAL	19.218	19.976
Less	EXPENSES
	Employees benefits expense	14.704	15.858
	Other expenses	7.171	7.724
	TOTAL	21.875	23.582
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(2.657)	(3.606)
Less	FINANCIAL EXPENSES	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(2.657)	(3.606)
Less/ Add	DEPRECIATION/ AMORTISATION	0.642	1.775
	PROFIT/ (LOSS) BEFORE TAX	(3.299)	(5.381)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	-3.299	-5.381

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	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	No
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

CORPORATE INFORMATION:

Foreign Exchange Dealers Association of India (FEDAI) was set up in 1958 as an association of banks dealing in foreign exchange in India (typically called Authorized Dealers – Ads) as a self-regulatory body and operating under section 25 of companies Act 1956 now replaced by section 8 of the companies Act, 2013. Its major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-a-vis public and liaison with RBI for reforms and development of forex market.

Company’s other functions include announcement of daily and periodical forex rates to member banks, training of staff from member banks in the areas of foreign exchange business, accreditation of forex brokers, advising/assisting member banks in setting issues / matters in their dealings, represent member babks of government reserve Bank of India/ Other Bodies.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

• Building
• Furniture and Fixture
• Vehicle
• Office Equipment
• Computers
• Air Conditioner

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 records 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	INR
US Dollar	1	INR 64.27
UK Pound	1	INR 89.72
Euro	1	INR 79.52

INFORMATION DETAILS

Information Gathered by :	SPY
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.