MIRA INFORM REPORT

Report No. :	492001
Report Date :	15.02.2018

IDENTIFICATION DETAILS

Name :	INDIACAST MEDIA DISTRIBUTION PRIVATE LIMITED (w.e.f. 02.07.2012)
Formerly Known As :	SUN18 MEDIA SERVICES NORTH PRIVATE LIMITED (w.e.f. 28.09.2010) RRB MEDIA PRIVATE LIMITED
Registered Office :	First Floor, Empire Complex, 414- Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-66977738/ 66977777
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	25.04.2008
Com. Reg. No.:	11-274364
Capital Investment / Paid-up Capital :	INR 4.560 Million
CIN No.: [Company Identification No.]	U74300MH2008PTC274364
IEC No.:	Not Divulged
GSTIN :	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AADCR9924J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of advertisement sales and linear channel distribution and syndication of programs (Registered Activity)
No. of Employees :	Not Divulged

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 :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a Joint Venture between “TV 18 Broadcast Limited” and “Viacom 18 Media Private Limited”. It was incorporated in the year 2008. Management has failed to file its latest financials with Government Registry. As per financials of March 2016, the company has registered a growth of 29.96% in its revenue as compared to its previous year’s revenue but has reported losses. Rating takes into consideration the company’s satisfactory track record of business operations marked by sound net worth base along with zero debt balance sheet and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity and well experienced management team. Payments seem to be usually correct. In view of aforesaid, 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

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 15.02.2018

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 DECLINED

Management non-cooperative (Tel No.: 91-22-66977777)

Tel No.: 91-22-66977738 - Continuously Ringing

LOCATIONS

Registered Office :	First Floor, Empire Complex, 414- Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66977738/ 66977777
Fax No.:	91-22-66977788
E-Mail :	tushar.hassija@Indiacast.com
Website :	http://www.indiacast.com
Head Office/ Corporate Office :	703, 7th Floor, HDIL-Kaledonia, Opposite Vijay Nagar, Sahar Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Ramesh Kumar Damani

Designation :

Director

Address :

C-2603 DB Woods, Krishna Vatika Marg Opposite Laxchandi Tower, Gokuldham, Goregaon (East), Mumbai-400063, Maharashtra, India

Date of Appointment :

11.07.2017

DIN No.:

00049764

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U92100MH2013PLC239849	RELIANCE JIO MEDIA LIMITED	29/09/2015	-
U74300MH2010PTC274878	AETN18 MEDIA PRIVATE LIMITED	26/09/2017	-
U35300MH2008PLC186471	RELIANCE AEROSPACE TECHNOLOGIES LIMITED	04/09/2008	-
U70109HR2006PLC036416	MODEL ECONOMIC TOWNSHIP LIMITED	16/06/2015	-
U65923MH2007PTC281111	IBN LOKMAT NEWS PRIVATE LIMITED	25/10/2017	-
U51310MH2008PTC178078	RELIANCE STYLE FASHION INDIA PRIVATE LIMITED	16/08/2011	-
U51109MH2007PLC176416	RELIANCE PERSONAL ELECTRONICS LIMITED	04/08/2012	-
U99999MH1999PTC120990	BIG TREE ENTERTAINMENT PRIVATE LIMITED	04/10/2017	-
U52599MH2007PLC176409	RELIANCE HOME PRODUCTS LIMITED	06/09/2010	-
U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	07/08/2008	-
U51109MH2007PTC167447	KANISKA COMMERCIALS PRIVATE LIMITED	09/09/2010	-
U51900MH2007PTC176279	SHARANYA TRADING PRIVATE LIMITED	25/09/2009	-
U52100MH2007PLC175533	RELIANCE LEISURES LIMITED	31/10/2008	-
U51900MH2007PTC175638	RELIANCE-GRANDOPTICAL PRIVATE LIMITED	31/10/2008	-
U52599MH2007PLC168275	RESQ LIMITED	04/08/2012	-
U51900MH2007PLC175670	RELIANCE RETAIL SECURITIES AND BROKING COMPANY LIMITED	07/08/2010	-
U52100MH2007PLC175530	RELIANCE AGRI PRODUCTS DISTRIBUTION LIMITED	04/08/2010	-
U52100MH2007PTC174895	RELIANCE INNOVATIVE BUILDING SOLUTIONS PRIVATE LIMITED	22/02/2014	-
U51900MH2007PTC175639	ARIMAS TRADING PRIVATE LIMITED	29/12/2012	-
U51909MH2007PLC175652	RELIANCE DIGITAL MEDIA LIMITED	29/08/2008	-

Name :

Mr. Lalit Kumar Jain

Designation :

Director

Address :

143, Veer Apartments, Sector 13, Rohini, New Delhi-110085, India

Date of Appointment :

11.07.2017

DIN No.:

01451886

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L22219MH1955PLC281164	INFOMEDIA PRESS LIMITED	29/09/2016	-
U93091MH2006PLC281105	TV18 HOME SHOPPING NETWORK LIMITED	26/09/2017	-
U52390MH2008PTC177456	EQUATOR TRADING ENTERPRISES PRIVATE LIMITED	25/09/2017	-
U74300MH2010PTC274878	AETN18 MEDIA PRIVATE LIMITED	26/09/2017	-
U65923MH2006PTC281472	CAPITAL18 FINCAP PRIVATE LIMITED	23/09/2017	-

Name :

Wade Cullen Davis

Designation :

Director

Address :

464, Temama St. San Francisco Ca 94103 Us

Date of Appointment :

19.09.2017

DIN No.:

02157793

Name :

Kshipra Jatana

Designation :

Director

Address :

House No.-A-39, 1st Floor, Friends Colony East, New Delhi-110065, India

Date of Birth/Age :

26.12.1971

Date of Appointment :

17.11.2015

PAN No.:

ACBPJ1398R

DIN No.:

02491225

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74120MH2007PTC273464	COLOSCEUM MEDIA PRIVATE LIMITED	29/09/2014	-
U65923MH2007PTC281111	IBN LOKMAT NEWS PRIVATE LIMITED	25/10/2017	-
U22222MH2012PTC238498	INDIACAST DISTRIBUTION PRIVATE LIMITED	31/03/2015	-
U74300MH2010PTC274878	AETN18 MEDIA PRIVATE LIMITED	29/09/2016	-
U93000MH2008PTC272531	PRISM TV PRIVATE LIMITED	29/06/2015	-
U52390MH2008PTC177456	EQUATOR TRADING ENTERPRISES PRIVATE LIMITED	25/09/2014	-
U93091MH2006PLC281105	TV18 HOME SHOPPING NETWORK LIMITED	29/09/2015	-
U65923MH2006PLC274887	GREYCELLS18 MEDIA LIMITED	27/09/2012	-
L22219MH1955PLC281164	INFOMEDIA PRESS LIMITED	24/09/2015	-

Name :

Mr. Rahul Joshi

Designation :

Director

Address :

C-1802, Lodha Bellissimo, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India

Date of Appointment :

11.07.2017

DIN No.:

07389787

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U92100MH1995PTC095508	VIACOM 18 MEDIA PRIVATE LIMITED	20/07/2016	-
U22211DL2007NPL165480	NEWS BROADCASTERS ASSOCIATION	21/09/2016	-
U74300MH2010PTC274878	AETN18 MEDIA PRIVATE LIMITED	26/09/2017	-

Name :

David Lynn

Designation :

Director

Address :

41, Hestercombe Avenue, London SW65LL GB

Date of Appointment :

09.10.2017

DIN No.:

07956886

Name :

Kenneth Mark Whitehead

Designation :

Additional Director

Address :

99, Branksome Road Singapore 439621

Date of Appointment :

21.12.2017

DIN No.:

02673788

KEY EXECUTIVES

Name :	Mr. Tushar Hassija
Designation :	Company Secretary
Address :	B-202, New Satara Coperative Housing Society, Sect Koparkhairane, Navi Mumbai Navi Mumbai 400709, Maharashtra, India
Date of Appointment :	04.08.2017
PAN No.:	ACOPH0301B

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
TV 18 Broadcast Limited, India	228000	50.00
Viacom18 Media Private Limited, India	228000	50.00
Total	456000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of advertisement sales and linear channel distribution and syndication of programs (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99846310	Broadcasting Services

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 :

Not Divulged

Bankers :

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

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries (As on 31.03.2016):	· Indiacast Distribution Private Limited · IndiaCast US Limited · IndiaCast UK Limited
Joint venture (As on 31.03.2016):	· TV18 Broadcast Limited · Viacom 18 Media Private Limited

CAPITAL STRUCTURE

As on 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	INR 10/- each	INR 110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
456000	Equity Shares	INR 10/- each	INR 4.560 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.560	4.560	4.560
(b) Reserves & Surplus	147.743	148.760	133.405
(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)	152.303	153.320	137.965
(3) Non-Current Liabilities
(a) long-term borrowings	500.000	500.000	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	7.552	5.215	3.059
Total Non-current Liabilities (3)	507.552	505.215	3.059
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	422.524	309.231	757.737
(c) Other current liabilities	200.863	203.481	177.018
(d) Short-term provisions	0.332	0.024	0.014
Total Current Liabilities (4)	623.719	512.736	934.769
TOTAL	1283.574	1171.271	1075.793
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.262	28.760	36.404
(ii) Intangible Assets	2.443	2.211	3.104
(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	47.702	47.702	47.312
(c) Deferred tax assets (net)	11.571	6.000	5.587
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	637.457	635.072	569.484
Total Non-Current Assets	721.435	719.745	661.891
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	342.900	223.056	218.996
(d) Cash and cash equivalents	85.428	90.457	106.407
(e) Short-term loans and advances	20.570	14.836	21.831
(f) Other current assets	113.241	123.177	66.668
Total Current Assets	562.139	451.526	413.902
TOTAL	1283.574	1171.271	1075.793

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	1900.454	1462.393	922.233
	Other Income	25.199	35.341	31.302
	TOTAL	1925.653	1497.734	953.535
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	575.738
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	180.484	173.938	91.601
	Other expenses	1714.440	1296.121	252.771
	TOTAL	1894.924	1470.059	920.110
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	30.729	27.675	33.425
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	30.729	27.675	33.425
Less/ Add	DEPRECIATION/ AMORTISATION	8.500	8.600	17.691
	PROFIT/ (LOSS) BEFORE TAX	22.229	19.075	15.734
Less	TAX	23.246	3.720	7.126
	PROFIT/ (LOSS) AFTER TAX	(1.017)	15.355	8.608
	Earnings / (Loss) Per Share (INR)	(2.23)	33.67	19.70

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	15.217	(523.003)	(461.659)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.86	55.67	86.67
Account Receivables Turnover (Income / Sundry Debtors)	5.54	6.56	4.21
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	480.38
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	1.24	0.89	0.85

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.88	0.86	0.87
Debt Equity Ratio (Total Liability / Networth)	3.28	3.26	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	4.10	3.34	6.78
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.16	0.20	0.29
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	(0.05)	1.05	0.93
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.08)	1.31	0.80
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(0.67)	10.02	6.24

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.90	0.88	0.44
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.90	0.88	0.44
G-Score Ratio Financial (Networth / Total Assets)	0.12	0.13	0.13
G-Score Ratio Debt (Debts / Equity Capital)	109.65	109.65	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.90	0.88	0.44

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	4.560	4.560	4.560
Reserves & Surplus	133.405	148.760	147.743
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	137.965	153.320	152.303
long-term borrowings	0.000	500.000	500.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	500.000	500.000
Debt/Equity ratio	0.000	3.261	3.283

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	922.233	1462.393	1900.454
		58.571	29.955

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	922.233	1462.393	1900.454
Profit/ (Loss)	8.608	15.355	(1.017)
	0.93%	1.05%	(0.05%)

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	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
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	No
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

GENERAL INFORMATION (As on 31.03.2016)

The Company was incorporated on 25 April, 2008 and is primarily engaged in the business of advertisement sales and linear channel distribution and syndication of programs within and outside India.

The Company is a 50:50 Joint Venture of TV18 Broadcast Limited and Viacom18 Media Private Limited since 1st April 2013.

UNSECURED LOAN

Particulars	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Fully convertible debentures intercorporate	500.000	500.000
Total	500.000	500.000

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	G29768918	100065848	HDFC BANK LIMITED	03/12/2016	2995000.0	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai Maharashtra 400013 India
2	G23593734	100061467	HDFC BANK LIMITED	23/09/2016	7825487.0	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai Maharashtra 400013 India

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Computer
• Plant and Machinery

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 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	VIV
Report Prepared by :	JYTK

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	NO
--AFFILIATION	YES/NO	YES
--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.

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