MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	515863
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	L AND T REALTY LIMITED (w.e.f. 03.02.2012)

Formerly Known As :	L AND T REALTY PRIVATE LIMITED

Registered Office :	L&T House, Ballard Estate, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-67525656

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	30.11.2007

CIN No.: [Company Identification No.]	U74200MH2007PLC176358

Capital Investment / Paid-up Capital :	INR 471.607 Million

IEC No.: [Import-Export Code No.]	Not Divulged

PAN No.: [Permanent Account No.]	AABCL3967B

GSTN : [Goods & Service Tax Registration No.]

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Providing Financial Business Processes Management Services. Real estate activities on a fee or contract basis. (Registered activity)

No. of Employees :	Information declined 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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	L & T Realty Limited is a wholly owned subsidiary of “Larsen and Toubro Limited” and was incorporated in the year 2007. It is engaged into real estate business. For the financial year 2017, the company has achieved 6.39% growth in its revenue as compared to the previous year along with a massive profit margin. The sound financial risk profile of the company is marked by adequate and improving net worth base along with negligible debt level due to unsecured debt recorded in the books. Rating takes into consideration the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Rating takes into consideration the subject’s healthy Earnings per Share of INR 67.58 against the Face Value of INR 10. Payment seems to be slow but 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.

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 31-03-2018.

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 22.06.2018

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.: 91-22-67525656)

LOCATIONS

Registered Office :	L&T House, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-67525656/ 67058922
Fax No.:	Not Available
E-Mail :	sharmila.tirodkar@larsentoubro.com
Website:	https://www.lntrealty.com

Head Office / Sales Office 1:	L&T Business Park, 10th Floor, Tower A, Gate No. 5, Saki Vihar Road, Off JVLR, Powai, Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-67058990
Fax No.:	91-22-67058903

Sales Office 2:	Jerbai Wadia Road, Near Mahatma Phule Education Society, Bhoiwada Parel, Mumbai, India

Sales Office 3:	L&T Realty, Bellary Road, Byatarayanapura, Bengaluru – 560092, Karnataka, India

Sales Office 4:	Plot No. R-1, Sector 40, Seawoods Railway Station, Navi Mumbai, Maharashtra, India

Overseas Office:	1506, Level 15 Burjuman Business Tower, Sheikh Khalifa Bin Zayed Road, Burjuman, Dubai, United Arab Emirates

DIRECTORS

As on 2018

Name :	Mr. Anilkumar Manibhai Naik
Designation :	Director
Address :	High Trees, 54 Pali Hill Bandra West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	09.06.1942
Qualification :	BE (MECH)
Pan No:	AAAPN6700G
Date of Appointment :	24.02.2011
DIN No.:	00001514

Name :	Mr. Balaji Rao
Designation :	Additional Director
Address :	71 07 Windermere Bldg-Ia Off, New Link Road, Oshiwara, Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	07.09.1960
Qualification :	CA, MBA
Pan No:	AABPR4190F
Date of Appointment :	27.10.2016
DIN No.:	00019741

Name :	Mr. Ramamurthi Shankar Raman
Designation :	Director
Address :	Room No. 123, 12th Floor, Kalpataru Royale, Plot No.110, Road No. 29, Sion (East), Mumbai - 400022, Maharashtra, India
Date of Birth/Age :	20.12.1958
Qualification :	B.COM, ACA, GRAD.CWA
Date of Appointment :	22.05.2013
Pan No:	AAFPS2542C
DIN No.:	00019798

Name :	Mr. Shrikant Prabhakar Joshi
Designation :	Managing Director
Address :	Flat No. 201, 2nd Floor, Vista Iii, The Address, Opposite R City Mall, Ghatkopar West, Mumbai - 400086, Maharashtra, India
Date of Birth/Age :	14.07.1958
Qualification :	B.TECH (IIT), PGDBM-IIM
Pan No:	AAZPJ4292N
Date of Appointment :	01.03.2013
DIN No.:	02278471

Name :	Mrs. Savitri Mahavir Dadhich
Designation :	Director
Address :	Great Eastern Gardens, A-2103, L.B.S. Road, Kanjurmarg (West), Mumbai – 400078, Maharashtra, India
Date of Birth/Age :	08.02.1966
Qualification :	B.Com, LLM
Date of Appointment :	01.04.2015
Pan No:	ACJPD4609H
DIN No.:	07147074

KEY EXECUTIVES

Name :	Mrs. Uma Rath Charan
Designation :	Chief Finance Officer
Address :	Flat No. B-202 A&B 2nd Floor Eden - III Hiranandani, Hiranandani Gardens, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	27.12.1963
Qualification :	B.COM (HONS), ACA
Date of Appointment :	18.09.2014
PAN No.:	ADKPR3788B

Name :	Mrs. Sharmila Pranav Tirodkar
Designation :	Company Secretary
Address :	A/1 Kaustubh, Near Vivek College, Siddharth Nagar, Goregaon (West), Mumbai - 400062, Maharashtra, India
Date of Birth/Age :	28.02.1982
Qualification :	B.Com, CS, LLB
Date of Appointment :	01.05.2015
PAN No.:	AOMPP3590E

Name :	Alwyn D'Souza and Company
Designation :	Company Secretaries
Address :	B-002, Ground Floor, Shreepati-2, Royal Complex, Behind Olympia Tower, Mira Road, Thane -401107, Maharashtra, India
Tel. No:	91- 22-28125781
Mobile No:	91- 9820465195/ 9819334743
Email:	alwyn.co@gmail.com
Website:	www.alwvnjay.com

MAJOR SHAREHOLDERS

As on 29.06.2017

Names of Shareholders		No. of Shares
Larsen and Toubro Limited		47160694
N. Hariharan and Larsen and Toubro Limited		1
R. Shankar Raman and Larsen and Toubro Limited		1
P. Ramakrishnan and Larsen and Toubro Limited		1
A. K. Mondal and Larsen and Toubro Limited		1
Subhodh Shetty and Larsen and Toubro Limited		1
Prasad Shanbhag and Larsen and Toubro Limited		1
Total		47160700

Equity Share Break up (Percentage of Total Equity)

As on 29.06.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Financial Business Processes Management Services.
Real estate activities on a fee or contract basis.

(Registered activity)

Products :

Item Code No.	Product Description
99831171	Financial business processes management services
L682	Real estate activities on a fee or contract basis

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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 declined by the management

Bankers :

Bank Name	Indian Overseas Bank
Branch	C&IC Branch, Mylapore, Chennai – 600004, Tamilnadu, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vaccha Road, Mumbai- 400020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS2967E

Memberships :	Not Available

Collaborators :	Not Available

Holding company :	Larsen and Toubro Limited, India L99999MH1946PLC004768

Subsidiary company :	L & T South City Projects Limited, India U70101TN2006PLC058866 L & T Vision Ventures Limited, India U74210TN2006PLC061845

Wholly Owned Subsidiary	L&T Tech Park Limited, India L&T Realty FZE Chennai Vision Developers Private Limited, India U70101TN2008PTC068877 L&T Asian Realty Project LLP, India L&T Parel Project LLP, India

Fellow Subsidiary company :	Larsen & Toubro Infotech Limited, India U72900MH1996PLC104693 L&T Infrastructure Development Projects Limited, India U65993TN2001PLC046691 L&T Seawoods Limited, India U45203MH2008PLC180029 L&T Electrical & Automation FZE, United Arab Emirates &T Construction Equipment Limited ( Realty Division), India U29119MH1997PLC109700 Hyderabad International Trade Expositions Limited L&T Infocity Limited L&T Infotech Limited L&T Hitech City Limited

Other Related Parties:	CSJ Infrastructure Private Limited U70101CH2006PTC029576

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

400000000	Equity Shares	INR 10/- each	INR 4000.000 Million
800000000	Preference Shares	INR 10/- each	INR 8000.000 Million
	Total		INR 12000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

47160700	Equity Shares	INR 10/- each	INR 471.607 Million

As on 29.06.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

400000000	Equity Shares	INR 10/- each	INR 4000.000 Million
800000000	Preference Shares	INR 10/- each	INR 8000.000 Million
	Total		INR 12000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

47160700	Equity Shares	INR 10/- each	INR 471.607 Million
648300000	Preference Shares	INR 10/- each	INR 6483.000 Million
	Total		INR 6954.607 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	471.607	471.607	471.607
(b) Reserves & Surplus	10187.973	7001.070	(2302.554)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	6482.927
Total Shareholders’ Funds (1) + (2)	10659.580	7472.677	4651.980

(3) 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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	165.634	2699.758	5765.553
(b) Trade payables	21.916	32.017	13.315
(c) Other current liabilities	127.572	245.862	3406.941
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	315.122	2977.637	9185.809

TOTAL	10974.702	10450.314	13837.789

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.479	3.941	250.915
(ii) Intangible Assets	7.568	10.429	13.290
(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	8537.386	96.892	802.134
(c) Deferred tax assets (net)	871.329	0.000	0.000
(d) Long-term Loan and Advances	0.087	0.087	275.501
(e) Other Non-current assets	507.305	590.683	0.000
Total Non-Current Assets	9927.154	702.032	1341.840

(2) Current assets
(a) Current investments	148.603	705.622	2402.427
(b) Inventories	0.000	246.713	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	103.404	8.088	41.256
(e) Short-term loans and advances	0.000	8440.494	10052.266
(f) Other current assets	795.541	347.365	0.000
Total Current Assets	1047.548	9748.282	12495.949

TOTAL	10974.702	10450.314	13837.789

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	3136.820	2948.468	197.464
	Other Income	10.773	1120.832	1218.698
	TOTAL	3147.593	4069.300	1416.162

Less	EXPENSES
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	246.713	0.000	0.000
	Other expenses	127.254	53.117	380.767
	TOTAL	373.967	53.117	380.767

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2773.626	4016.183	1035.395

Less	FINANCIAL EXPENSES	178.635	730.881	1046.787

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2594.991	3285.302	(11.392)

Less	DEPRECIATION/ AMORTISATION	3.327	3.554	3.473

	PROFIT/ (LOSS) BEFORE TAX	2591.664	3281.748	(14.865)

Less	TAX	(595.239)	461.125	0.000

	PROFIT/ (LOSS) AFTER TAX	3186.903	2820.623	(14.865)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	115.916	(2704.707)	(2689.842)

	Balance Carried to the B/S	3302.819	115.916	(2704.707)

	Earnings / (Loss) Per Share (INR)	67.58	59.81	(0.32)

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	1515.602	(54.651)	(343.765)
Net cash flows from (used in) operating activity	1242.717	(524.904)	(417.608)

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	16.28	0.00

Asset Turnover (Operating Income / Net Fixed Assets)	251.08	279.48	3.92

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.03	0.28	0.66

Debt Equity Ratio (Total Liability / Networth)	0.02	0.36	1.24

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.03	0.40	1.97

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.06

Interest Coverage Ratio (PBIT / Financial Charges)	15.53	5.49	0.99

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	101.60	95.66	(7.53)

Return on Total Assets ((PAT / Total Assets) * 100)	%	29.04	26.99	(0.11)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	29.90	37.75	(0.32)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.32	3.27	1.36

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.32	3.19	1.36

G-Score Ratio Financial (Networth / Total Assets)	0.97	0.72	0.34

G-Score Ratio Debt (Debts / Equity Capital)	0.35	5.72	12.23

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.32	3.27	1.36

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
Share Capital	471.607	471.607	471.607
Reserves & Surplus	(2302.554)	7001.070	10187.973
Share Application money pending allotment	6482.927	0.000	0.000
Net worth	4651.980	7472.677	10659.580

long-term borrowings	0.000	0.000	0.000
Short term borrowings	5765.553	2699.758	165.634
Total borrowings	5765.553	2699.758	165.634
Debt/Equity ratio	1.239	0.361	0.016

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	197.464	2948.468	3136.820
		1,393.167	6.388

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	197.464	2948.468	3136.820
Profit /(Loss)	(14.865)	2820.623	3186.903
	(7.53%)	95.66%	101.60%

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	No
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	No
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

STATE OF COMPANY AFFAIRS:

The gross sales and other income for the financial year were INR 3147.593 million as against INR 4069.300 million for the previous financial year registering a decrease of 22.65%. The profit / loss before tax from continuing operations including extraordinary and exceptional items was INR 2591.664 million and the profit / loss after tax from continuing operations including extraordinary and exceptional items of INR 3186.903 million for the financial year as against INR 3281.748 million and INR 2820.623 respectively for the previous financial year, registering an increase / decrease of -21.03 % and 12.99% respectively.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Intercorporate borrowings The lender and borrower reserve the right to call back or repay the same prior to maturity date by giving notice of 3 working days.	165.634	2699.758
Total	165.634	2699.758

INDEX OF CHARGES

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

B23301518

10069298

IL & FS TRUST COMPANY LIMITED

24/08/2007

05/10/2011

345420000.0

IL & FS FINANCIAL CENTRE, PLOT NO C22, G BLOCK, BANDRAKURLA COMPLEX, BANDRA EAST, MUMBAI-400051, MAHARASHTRA, INDIA

A78886546

10113390

Indian Overseas Bank

25/06/2008

09/02/2010

500000000.0

C&IC Branch, Mylapore, Chennai – 600004, Tamilnadu, India

FIXED ASSETS

Buildings
Land
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments

PRESS RELEASE:

WEBSITE:

BLACKSTONE IN TALKS TO BUY COMMERCIAL PROPERTY PORTFOLIO FROM L&T FOR INR 23000.000 MILLION

MUMBAI: US-based private equity player Blackstone Group is in advanced talks to acquire two commercial properties of L&T Realty, totalling 1.7 million sq ft, in a deal valued at INR 23000.000 million, said two persons familiar with the development.

This portfolio of the real estate arm of engineering major Larsen & Toubro includes about 8 lakh sq ft of fully-leased commercial tower at the L&T premise in Powai suburb and another 9 lakh sq ft office block at the company’s commercial project at Seawoods, in Navi Mumbai.

The Seawoods office tower — yet to be completely leased — will be acquired in phases, the people cited earlier told ET.

“The deal is expected to be inked by late February as due diligence is currently in its final stages,” said one of the persons cited above, adding that L&T Realty will assist in further leasing at Seawoods commercial block.

Both L&T Realty and Blackstone Group declined to comment.

In 2016, Blackstone had bought a 1-million sq ft retail mall, adjacent to the office tower in Seawoods, from L&T Realty for over INR 14000.000 million. L&T Realty’s office block in Navi Mumbai is part of India’s largest Transit Oriented Development Seawoods Grand Central, a mixed-use development area over 40 acres that includes the mall and other commercial spaces.

The persons cited earlier said Blackstone is acquiring these assets directly and not through existing joint ventures with Bengaluru-based Embassy Group and Pune’s Panchshil Realty. The New Yorkbased institutional investor has acquired assets and stake in portfolios independently earlier too.

The commercial tower in Powai is completely leased and has JP Morgan Chase, Colgate-Palmolive and L&T Infotech among its tenants. Being a fully-leased property with long-term contracts, the Powai asset is valued at INR 15000.000 million and has a capitalisation rate of about 8.5%.

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 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	PYK

Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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.