MIRA INFORM REPORT

Report No. :	510890
Report Date :	24.05.2018

IDENTIFICATION DETAILS

Name :	PRL DEVELOPERS PRIVATE LIMITED
Registered Office :	Piramal Tower, 8th Floor, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra
Mob. No.:	91-22-33514040
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	21.04.2011
Com. Reg. No.:	11-216545
Capital Investment / Paid-up Capital :	INR 4297.715 Million
CIN No.: [Company Identification No.]	U45400MH2011PTC216545
IEC No.: [Import-Export Code No.]	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TIN No.:	Not Divulged
PAN No.: [Permanent Account No.]	AAFCP9978E
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the business of Real Estate development and services relating to Real estate business. [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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	PRL Developers Private Limited is a part of Piramal Group and was incorporated in the year 2011. The company is engaged into real estate business. For the financial year 2016, the company has achieved decent revenue base but has incurred operational loss. The overall financial risk profile of the company seems to be satisfactory marked by adequate net worth base along with negligible debt balance sheet profile. Rating takes into account the strong parentage and the financial flexibility available with the company by being part of the Piramal Group that has considerable experience in pharma, healthcare information management, financial services, specialty glass packaging and real estate businesses. The rating factors in the favourable location of the residential project being developed by the company, viz. Piramal Revanta, in the Mulund micro-market (in Mumbai) which is emerging as an alternative residential market owing to congestion and higher rates in primary markets. The rating also takes into consideration the connectivity and accessibility of project location with other parts of Mumbai through road (Goregaon Mulund Link Road, Lal Bahadur Shastri Marg and Eastern Express Highway) as well as railway. The rating gets constrained by the high competition the project faces from big and reputed developers in the Mulund micro-market and exposure to the market risks given the limited sales so far and the cyclicality of the real estate market. 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. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

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 24.05.2018.

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.: 91-22-33514040)

LOCATIONS

Registered Office :	Piramal Tower, 8th Floor, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-33514000
Fax No.:	Not Available
E-Mail :	secretarial.department@piramal.com

DIRECTORS

As on 31.03.2018

Name :	Mr. Sunilkumar Adukia
Designation :	Director
Address :	Flat No. 42, A-1, Gagan Building, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	23.05.1966
Date of Appointment :	08.06.2015
DIN No.:	00020049
Name :	Mr. Anand Ajay Piramal
Designation :	Director
Address :	61 Pochkhanawala Road, Worli, Mumbai – 400030, Maharashtra, India
Date of Appointment :	12.05.2017
DIN No.:	00286085
Name :	Mr. Anish Kumar Saraf
Designation :	Nominee Director
Address :	Indira Apartments, 5th Floor, 1/736, M L Dahanukar Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	30.10.1977
Date of Appointment :	04.08.2015
DIN No.:	00322784
Name :	Mr. Niten Malhan
Designation :	Nominee Director
Address :	Flat No. 2705, 27th Floor, North Tower, The Imperial Building, MP Mill Compound, Tardeo, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	02.08.1971
Date of Appointment :	04.08.2015
DIN No.:	00614624
Name :	Mr. Anand Vardhan
Designation :	Director
Address :	F-1405, 14th Floor, Oberoi Splendor, Near Majas Depo, J V Link Road, Andheri (East), Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	01.03.1978
Date of Appointment :	08.06.2015
DIN No.:	01859314
Name :	Mr. Ankur Ambika Sahu
Designation :	Nominee Director
Address :	6-12-3-3206 Roppongi, Minato-Ku Tokyo 1060032 JP
Date of Birth/Age :	18.10.1969
Date of Appointment :	22.08.2015
DIN No.:	03623120

KEY EXECUTIVES

Name :	Mr. Vandana Jitendra Chablani
Designation :	Company Secretary
Address :	A-10, Miraaj Residency, Behind Jay Nagar, Jankalyan Nagar Marve Road, Malad (West), Mumbai – 400095, Maharashtra, India
Date of Appointment :	05.01.2016
PAN No.:	AELPC7096K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Equity Shareholders	No. of Shares
Piramal Relaty Private Limited, India	199809990
Piramal Relaty Private Limited jointly with Mr. Ajay G Piramal	200010
Foglight Investment Limited, Mauritius	1000
Board Street Investment (Singapore) Pte. Limited, Singapore	450
MBD Bridge Street 2015 Investment (Singapore) Pte. Limited, Singapore	50
Total	200011500

Names of Preference Shareholders	No. of Shares
Piramal Relaty Private Limited, India	29760000
Foglight Investment Limited, Mauritius	133333333
Board Street Investment (Singapore) Pte. Limited, Singapore	60000000
MBD Bridge Street 2015 Investment (Singapore) Pte. Limited, Singapore	6666667
Total	229760000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Real Estate development and services relating to Real estate business. [Registered Activity]

Products :

Item Code No.	Product Description
70	Real Estate Activity

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	Not Divulged
Branch	--
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 :	S R B C and Company LLP Chartered Accountants
Address :	9th Floor Classic Pentagon Next To Bisleri Factory Western Express Highway, Mumbai – 400099, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9117R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Piramal Realty Private Limited U70102MH2010PTC210972
Fellow Subsidiary :	Topzone Mercantile Company LLP
Subsidiary Company :	Glider Buildcon Realtors Private Limited U70200MH2015PTC265844 PRL Agastya Private Limited U45201MH2006PTC165659 Piramal Estates Private Limited U17100MH1999PTC122652 PRL Infraconstructions and Developers Private Limited U45400MH2011PTC216741 Piramal Commercial Estates LLP
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Nival Developers Private Limited U70102MH2011PTC220137 Aasan Corporate Solutions Private Limited U70102MH2011PTC219815 Float Developers Private Limited U70101MH2011PTC220201 Gerbe Developers Private Limited U70102MH2011PTC220085

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	INR 10/- each	INR 5000.000 Million
5000000000	Preference Shares	INR 10/- each	INR 5000.000 Million
	Total		INR 10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200011500	Equity Shares	INR 10/- each	INR 2000.115 Million
229760000	Preference Shares	INR 10/- each	INR 2297.600 Million
	Total		INR 4297.715 Million

FINANCIAL DATA

[all figures are in 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	4297.715	0.100	0.100
(b) Reserves & Surplus	14648.636	(0.056)	(0.035)
(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)	18946.351	0.044	0.065
(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	26.035	0.000	0.000
Total Non-current Liabilities (3)	26.035	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	3077.557	0.170	0.040
(b) Trade payables	755.474	0.003	0.003
(c) Other current liabilities	74.836	0.000	0.000
(d) Short-term provisions	1.294	0.000	0.000
Total Current Liabilities (4)	3909.161	0.173	0.043
TOTAL	22881.547	0.217	0.108
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.455	0.000	0.000
(ii) Intangible Assets	23.363	0.000	0.000
(iii) Capital work-in-progress	7.060	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4416.896	0.105	0.105
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.929	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4546.703	0.105	0.105
(2) Current assets
(a) Current investments	301.200	0.000	0.000
(b) Inventories	3187.942	0.000	0.000
(c) Trade receivables	441.114	0.000	0.000
(d) Cash and cash equivalents	9.325	0.112	0.003
(e) Short-term loans and advances	14395.263	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	18334.844	0.112	0.003
TOTAL	22881.547	0.217	0.108

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Income	429.572	0.000	0.000
		Other Income	141.255	(0.006)	0.000
		TOTAL	570.827	(0.006)	0.000
Less	EXPENSES
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(3187.942)	0.000	0.000
		Employee Benefits Expenses	324.686	0.000	0.000
		Other Expenses	3433.658	0.015	0.005
		TOTAL	570.402	0.015	0.005
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.425	(0.021)	(0.005)
Less	FINANCIAL EXPENSES		188.874	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(188.449)	(0.021)	(0.005)
Less	DEPRECIATION/ AMORTISATION		12.957	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX		(201.406)	(0.021)	(0.005)
Less	TAX		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(201.406)	(0.021)	(0.005)
	Earnings / (Loss) Per Share (INR)		(1.51)	(2.10)	--

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	(2954.060)	(0.015)	(0.005)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	374.81	0.00	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.97	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)	0.00	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.17	0.80	0.40
Debt Equity Ratio (Total Liability / Networth)	0.16	3.86	0.62
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.21	3.93	0.66
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
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)	%	(46.89)	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.88)	(9.68)	(4.63)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(1.06)	(47.73)	(7.69)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	4.69	0.65	0.07
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.87	0.65	0.07
G-Score Ratio Financial (Networth / Total Assets)	0.83	0.20	0.60
G-Score Ratio Debt (Debts / Equity Capital)	0.72	1.70	0.40
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	4.69	0.65	0.07

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

FINANCIAL ANALYSIS

[all figures are 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	0.100	0.100	4297.715
Reserves & Surplus	(0.035)	(0.056)	14648.636
Net worth	0.065	0.044	18946.351
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.040	0.170	3077.557
Total borrowings	0.040	0.170	3077.557
Debt/Equity ratio	0.615	3.864	0.162

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016
	INR In Million	INR In Million
Total Turnover	(0.006)	429.572
		(71,59,633.333)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016
	INR In Million	INR In Million
Total Turnover	(0.006)	429.572
Profit	(0.021)	(201.406)
	350.00%	(46.89%)

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4297.715
(b) Reserves & Surplus	14419.401
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	18717.116
(3) Non-Current Liabilities
(a) long-term borrowings	7750.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	26.035
Total Non-current Liabilities (3)	7776.035
(4) Current Liabilities
(a) Short term borrowings	3077.557
(b) Trade payables	1449.091
(c) Other current liabilities	1269.577
(d) Short-term provisions	1.294
Total Current Liabilities (4)	5797.519
TOTAL	32290.670
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	535.505
(ii) Intangible Assets	3565.812
(iii) Capital work-in-progress	17.018
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	83.522
(e) Other Non-current assets	1.186
Total Non-Current Assets	4203.043
(2) Current assets
(a) Current investments	390.920
(b) Inventories	26764.710
(c) Trade receivables	28.012
(d) Cash and cash equivalents	28.600
(e) Short-term loans and advances	866.389
(f) Other current assets	8.996
Total Current Assets	28087.627
TOTAL	32290.670

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016
	SALES
	Income	141.983
	Other Income	57.392
	TOTAL	199.375
Less	EXPENSES
	Cost of Materials Consumed	20416.134
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20416.134)
	Employees benefits expense	181.945
	Other expenses	360.660
	TOTAL	542.605
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(343.230)
Less	FINANCIAL EXPENSES	55.904
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(399.134)
Less/ Add	DEPRECIATION/ AMORTISATION	30.119
	PROFIT/ (LOSS) BEFORE TAX	(429.253)
Less	TAX (H)	1.388
	PROFIT/ (LOSS) AFTER TAX	(430.641)
	Earnings / (Loss) Per Share (INR)	3.22

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	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	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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2016	As on 31.03.2015
SHORT TERM BORROWING
Other loans and advances	1577.557	0.170
Rupee term loans from others	1500.000	0.000
Total	3077.557	0.170

INDEX OF CHARGES:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G78410537	100158230	IDBI TRUSTEESHIP SERVICES LIMITED	23/02/2018	-	-	2200000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MumbaiMH400001IN
2	G70120431	100101427	IDBI TRUSTEESHIP SERVICES LIMITED	17/05/2017	06/12/2017	-	6000000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MumbaiMH400001IN
3	G76640796	100054152	IDBI TRUSTEESHIP SERVICES LIMITED	30/09/2016	-	12/02/2018	1500000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMa400001IN
4	G41898735	100030947	IDBI TRUSTEESHIP SERVICES LIMITED	27/05/2016	-	20/04/2017	1500000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMa400001IN

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Vehicles
• Computer Equipment

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 68.21
UK Pound	1	INR 91.43
Euro	1	INR 80.24

INFORMATION DETAILS

Information Gathered by :	SHI
Analysis Done by :	PRI
Report Prepared by :	JYO

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.